OSKAR LANGE
Economics is the science of administration of scarce resources in human society.
CARL MENGER
“The distribution of goods is governed in accordance with exact laws; …the entire course of economic events is throughout not fortuitous but capable of being reduced to definite principles.”
ALFRED MARSHALL
“Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing.”
LIONEL ROBBINS
“Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.”
FRIEDERICH von HAYEK
“The economic problem of society is…how to secure the best use of resources known to any of the members of society, for ends whose relative importance only these individuals know. Or, to put it briefly, it is a problem of the utilization of knowledge which is not given to anyone in its totality.”
JAMES BUCHANAN
"the proper subject for economists is man’s behaviour in market relationships, reflecting the propensity to truck and to barter and the manifold variations in structure that these relationships can take”.
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