Economic Systems and Problems in Human Society

Abstract

Economists could never agree on what economics can be called. But many agree on many aspects of economic negotiation and analysis. According to Adam Smith, ‘Economics is the science of discussion on wealth’. John Stewart Mill thinks that ‘the meaning of wealth is fundamental and discusses its production and distribution rules’. According to Ricardo, ‘Political Economy is the nature of the property and the reason why he thinks it should be said that it can’t be construed as a rule by which to determine the division of the rules in different classes, but the rationale is to make a fairly accurate rule. It is more understandable that the previous searches are meaningless and confusing and the next is simply scientific Knowledge is acceptable’. According to Ricardo, ‘the fundamental task of economics is to find out the interconnection between people in different parts of the economy and their distribution of resources.’ According to Alfred Marshall, ‘economics is a science of resources on the one hand, and on the other hand, it is more important to study human science, it discusses the daily life of the people.’ In his landmark essay on the nature of economics, Lionel Robbins defined economics as “the science which studies human behavior as a relationship between ends and scarce means which have alternative uses”.