ABSTRACT

‘Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.’ 1 Lionel Robbins’ well-known definition of their subject is one which most economists would probably accept, at least as a description of their workaday activities. The definition allows—and it was specifically framed by its author to allow—for the pursuit of other ends than purely material ends; but in practice economists devote themselves predominantly to the study of the allocation of material means between ends conceived and defined in material terms. Inherent in the way economists set about their task is the implicit assumption that material means are scarce and material wants are pressing—in short that economic society is materially poor, and resources must not be wasted.