Write any four criticism of Marshalls definition of economics.

Alfred Marshall’s definition of economics as "the study of mankind in the ordinary business of life" has faced several criticisms:

1. Psychological Aspect: Marshall’s definition includes psychology, but economics primarily focuses on human behavior in terms of rational choices under scarcity, not psychological factors like emotions or habits.

2. Narrow Scope: It excludes non-economic activities (e.g., leisure, social welfare) that modern economics studies under behavioral and welfare economics.

3. Lack of Clarity on Scarcity: Marshall does not explicitly mention scarcity, a core concept in modern economics, which defines the subject’s domain.

4. Static Analysis: His definition emphasizes short-term adjustments rather than dynamic changes (e.g., growth, development), which are central to contemporary economic analysis.

5. Overemphasis on Ordinary Business: It ignores macro-level issues (e.g., inflation, unemployment) and global economic phenomena, which are now key areas of study.

6. Subjectivity in "Mankind": The term "mankind" is gender-biased and fails to account for diverse economic agents (e.g., firms, governments, NGOs).

7. Limited to Material Welfare: It neglects non-material aspects of well-being (e.g., happiness, sustainability), now addressed in fields like happiness economics.