Economics

·   Adam smith – book-“wealth of nations” (1776).

·   Adam smith called the “Father of political economy”.

·   He defined “economics is the science of wealth”

·   J.S. Mill defined – the practical science of the production and distribution of wealth.

·   Alfred Marshall – book principles of economics (1890) defined – a study of mankind in the ordinary business of lye

·   Lionel Robbins – book – “An essay on the nature and significance of economic Science.”

·   Samuels son’s – given ‘modern definition of economics”

·   karl marx – Father of scientific socialism

·   Econometrics – combination of statistics & Mathematics in economics. The econometric society was founded in 1930.

·   First Nobel Prize in economics was awarded to Jan Tinberen and Ragnar Frisch for econometrics.

·   Population increases at a faster rate than food supply - Malthus theory of population.