Critical review of economics definitions regarding world: A case study of Khyber Pukhthunkhwa-Pakistan

Abstract

The present study was conducted in Khyber Pakhthunkhwa Province of Pakistan. The main objective was to critically examine the definitions of economics from different eras in relation to a research study and to propose a new definition. For this, four definitions of economics by well-known economists were selected.  For practical proofs, five districts of the province i.e.; Mardan, Peshawar, Sawat, Banu and Kohat were randomly selected. From each district, 80 respondents were randomly selected thus reaching a sample size of 400 respondents. A total of six components of the universe i.e.; industry, nosing, greenery, water pool, market, and sun rays  were taken into account with its relation to human health. Data were collected through a pre-tested questionnaire and the respondents were asked to show their opinions regarding the effects of  these variables on human beings. The study is mainly descriptive in nature. The selected definitions of economics were critically reviewed in the light of main findings of the research study. It was found that all the six variables i.e.; industry, noise, greenery, water pool, market, and sun rays are associated with human beings. These variables affect human beings either positively or negatively depending on the situation and their monitory value can be estimated. From the critical review of definitions of economics, it was also found that all the definitions were linked with universe and human beings. So the study of universe in relation with human beings comes under the domain of economics. The author developed a new definition of economics on the basis of this study which is recommended for future implementation to educational institution of the world. “Anything which is associated with human beings having positive and negative effects and measured in monitory terms is called economics”.

Keywords: Critical review, economics definitions, world