Dr.J.M Keynes was not far wrong when he said that "Political
Economy is said to have strangled itself with meaning." There are, economists like
Richard jones and Comte who would do away with the definition altogether. Economist
like Pareto, Myrdal and Hutchinson think that any search for a precise
definition of Economics is a barren enterprise. Pareto thinks it "a waste of
time to investigate what it (i.e , economic phenomenon)may be."
According to
mydral, "Economics is the only term regarding the precise definition of which
which the economist need not be concerned"
According to Adam
Smith, Economics was concerned with "An enquiry into the nature and Cluses of
wealth of Nation" The early economists called Economics, the science of wealth.
J.E. cairns in his book, "The Character and Logical Method of Political Economy
‘clearly said that Economics, "deals with the phenomenon of wealth"
According to the French economist J.B. Says, "Economics is the Science which treats of wealth." The American economist F.A.
Walker says that Economics is that body of knowledge which relates to
wealth.