• An Essay on the Nature and Significance of Economic Science (1932): economics is "thescience which studies human behaviour as a relationship between ends and scarcemeans which have alternative uses."
• Merit: universal (applies to a Himalayan household, a ministry, a law firm); precise about the economic problem (scarcity + choice); made economics a positive science.
• Critique: too static — says nothing about growth, development and unemployment (Keynes- era problems); too broad (war, crime, love all involve scarce means, but are they economics?); and by banishing welfare it orphaned policy.