The main features of Marshall welfare-oriented theory, which gave primary importance to man and his welfare, are as below:
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(i) Study of man kind:
Economics deals with ordinary men and women, who have feeling of love, affection, and friendship and do not get motivated merely by the desire of availing themselves of the maximum monetary benefits.
(ii) Study of material welfare:
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Economics does not study all types of human activities but only a part of those activities related to material welfare.
(iii) Study of social man:
Economics is a Social Science, which attempts to study the ordinary business of life of the persons living in society and influencing each other. That ordinary business of person refers to the activities of earning and spending the income for the welfare of human beings.
(iv) Promotion of welfare:
The most important feature is that wealth is not considered as the ‘be-all and end-all’ of all economic activities. The primary importance and greater emphasis is on human welfare. The money and wealth are simply the means for human welfare.
(v) Use of money:
This definition considers material or economic welfare as a part of social welfare which can be easily measured with the measuring rod of money.
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Marshall’s view of economics was held to be the best and most correct for many years and because of this, a good number of economists become his supporters and followers. The following definition of several other Economists also represent the same view (material welfare) as propounded by Marshall.
“Economics is the study of economic welfare, which can be brought, directly or indirectly, into relationship with the measuring rod of money” – A. C. Pigou
“Economics is the study of general methods by which man co-operate their material needs.” – William Beveridge.
“The aim of political economy is the explanation of the general causes on which the material welfare of human beings depends.” – E. Caiman