Published Paper Details:

The definition of economics has passed through a continuous evolution, reflecting the changing trends of human society and resource allocation. Although economists at different times have put forward theories from their respective perspectives, a unified and critical synthesis of all these concepts in the context of the contemporary global economy is still lacking in the field of academic research today. This large review paper comprehensively integrates almost all major economic definitions, starting from the classical wealth-centric model to the perspectives of scarcity and welfare, and provides a deep comparative analysis. Determining the theoretical limitations, merits, and practical aspects of each theory through a rigorous comparative framework constitutes the main part of this study. At the end of this holistic analysis, Paul Samuelson and William Nordhaus's 'Growth-oriented definition' is established as the most powerful, superior, and dynamic model of modern economics. This comparative study proves that in the rapidly changing times of the 21st century and in modern economics, only Samuelson's model is the most accurate, comprehensive, and realistic compared to all other theories.