Here's the essence of Robbins' definition:
Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
Let's break it down:
* Human behaviour: Economics focuses on how people make choices in response to limited resources.
* Ends: These are the goals, wants, and desires that individuals and societies have.
* Scarce means: Resources like time, money, land, labor, and capital are finite and cannot satisfy all desires.
* Alternative uses: Resources can be used for different purposes, making choices necessary.
This definition emphasizes that:
* Economics is about choice: Individuals and societies face choices due to scarcity.
* Scarcity is fundamental: It is the driving force behind economic decision-making.
* Opportunity cost: The value of the best alternative forgone when making a choice is central.
While this definition remains influential, it's important to note that:
* It is a broad definition that emphasizes the core principle of scarcity but doesn't encompass all facets of modern economics.
* It is not universally accepted: Other economists have proposed different definitions focusing on production, distribution, or welfare.
Overall, Robbins' definition provides a strong foundation for understanding economics as the study of how people make decisions in the face of limited resources.