Lord Lionel C.Robbins,lived 1898-1984 A.D.,gave the definition, which has been criticised on several grounds: 1)Ethical aspect ignored: Robbins does not consider economics as a normative science. He overemphasised economics as a positive science. In his view, economics only says how man behaves and not how he should behave. 2)Too much stress on scarcity: Robbins lays … Read more