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Sagot :
Lionel Robbins provided a definition of economics in his seminal article on the subject. "The science that examines human behaviour as a relationship between objectives and limited resources with conflicting purposes"
Both small and large societies can benefit from Robbins' concept. Both planned and spontaneous economies can use it. Both the communist and the capitalist economies can benefit from it. It is therefore applicable to everyone.
According to Robbin's definition, human demands are limitless on the one hand, but resources like time, money, power, etc. that can be used to fulfil them are equally scarce. As a result, many of man's demands continue to be unmet.
The detractors of this term argued that the scarcity problem was overemphasized in Robbin's definition of economics. They questioned the idea that economic issues might also result from an abundance of resources and overproduction, in addition to resource scarcity.
Learn more about Robbin here:
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