Paul. A. Samuelson
Economics is concerned with determining the pattern of employment of scarce resources to produce commodities ‘over time’.
According to him, “economics is the study of how people and society choose, with or without the use of money, to employ scarce productive resources which could have alternative uses, to produce various commodities over time and distribute them for consumption now and in the future among various persons and groups of society”.
See Also
‘On “The Wealth of Nations”’ (Published 2007)The Wealth of Nations, Books 1-3The Wealth of Nations — Adam Smith InstituteAdam Smith: Who He Was, Early Life, Accomplishments and LegacyIt analyses the costs and benefits of improving patterns of resource allocation.
This definition is the combination of welfare and scarcity definition.
