Economics A. Marshall (2)

Therefore, Alfred Marshall came up with the importance of
wealth. He emphasised the role of the individual in the creation and the use of wealth. He wrote: “Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man”. Marshall, therefore, stressed the supreme importance of man in the economic system. Marshall’s definition is considered to be material-welfare centred definition of economics.