<P> The welfare definition of economics is an attempt by Alfred Marshall , a pioneer neoclassical economist , to redefine his field of study . This definition expands the field of economic science to a larger study of humanity . Specifically , Marshall 's view is that economics studies all the actions that people take in order to achieve economic welfare . In the words of Marshall , `` man earns money to get material welfare . '' This is why economists since Marshall have described his definition as the welfare definition of economics . This definition enlarged the scope of economic science by emphasizing the study of wealth and humanity together , rather than wealth alone . </P>
<P> The welfare definition of economics is an attempt by Alfred Marshall , a pioneer neoclassical economist , to redefine his field of study . This definition expands the field of economic science to a larger study of humanity . Specifically , Marshall 's view is that economics studies all the actions that people take in order to achieve economic welfare . In the words of Marshall , `` man earns money to get material welfare . '' This is why economists since Marshall have described his definition as the welfare definition of economics . This definition enlarged the scope of economic science by emphasizing the study of wealth and humanity together , rather than wealth alone . </P>
who defines economics as the science of wealth
who defines economics as the science of wealth
Alfred Marshall
Alfred Marshall