What textbook was written by the economist who created the "welfare definition" of economics?
Welfare definition of economics 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.
The Philosophy of Money The Philosophy of Money (1900) is a book on economic sociology by the German sociologist and social philosopher, Georg Simmel. Probably considered Simmel's greatest work, Simmel saw money as a structuring agent that helps us understand the totality of life.