Today’s age is the age of growth. Therefore, along with, the subject metter of economics its definitions are also changing. Modem Nobel prize winning economists, including Prof, Samuelson, Peterson, Ferguson and others have also defined economics on the basis of growth. Samuelson has given more priority to the human habits of selection and limitation of resources, but he hasn’t given any importance to the means according to the desires of the people. Neither has he considered allocation of means as important nor has given any measures to overcome this problem.

He has only pointed out the problems but has not found their solutions. Samuelson has not stated anything new in the thinking of development. Marshall’s and Robbins definition includes that. K. G. Seth has also emphasized more on the means like Samuelson. They have neither emphasized on money, nor on financial welfare. They have only focused on the development of meAnswer:The economists who have given the development-related definitions have majorly focused on the me Answer:They have not linked economics with human welfare, physical welfare and economic welfare.

Indian ideology on development-related definitions : The definition of Prof. Mehta on the basis of Indian philosophy, civilization and culture is very different from the rest of the world. In the opinion of the western economists, economic growth implies satisfaction of needs, but according to the Indian ideology satisfaction is not derived from fulfillment of maximum needs, but by eliminating the wants. According to the Indian ideology, due to the unlimited wants, they can never be fulfilled. Therefore, the level of want lessness can only be increased by eliminating or decreasing the unlimited wants.