The classical economists were of the view that economics has no relation with the nature of wants. In other words, economics has no concern with the goodness or badness of Wants.
Opposing this theory, the Neo-classical economists gave the opinion that only those activities which increase material welfare will be discussed in economics. They stressed that the human welfare should be the objective of economics. Although this point of view of Neo-classical economists got much popularity. According to them economics is not impartial with the nature of wants.
Robbins affirmed this view while Neo-classical economists have different view. Robbins criticized it on the plea that economics is a positive science and being positive science, it has no relation with the nature of wants. Because positive science does not determine the objectives rather it provides only a manner of thinking and provides resources.
The contemporary economists agree on this thing that economics is a social science which aims at human welfare. Therefore, economics should not only analyze conditions and events but should take practical steps to solve these problems so that the main objective of economics could be achieved. It is now an admitted fact that economics is a social science, so economics can not isolate itself from goodness or badness of wants.
References:
Munir Ahmed Bhutta. Economics, Azeem Academy Publishers, Lahore.
Abdul Haleem Khawja. Economics, Khawja and Khawja Publishing House, Islamabad.
Manzoor Tahir Ch. Principles of Economics, Azeem Academy Publishers, Lahore.
Muhammad Irshad. Economics, Naveed Publications, Lahore.
K K Dewett & M H Navalur. Modern Economic Theory (Theory and Policy), S. Chand Publishing
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