The credit for revolutionizing the study of economics surely goes to Lord J.M Keynes. He defined economics as the "study of the administration of scares resources and the determinants of income and employment". Prof. Samuelson recently given a definition based on growth aspects which is known as Growth definition. "Economics is the study of how people and society end up choosing, with or without the use of money to employ scarce productive resources that could have alternative School of Distance Education Managerial Economics uses to produce various commodities and distribute them for consumption, now or in the future, among various persons or groups in society. Economics analyses the costs and the benefits of improving patterns of resources use". Main features of growth definition are; it is applicable even in barter economy.
