BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Marshall
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Jacob Viner
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Keynes
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Adam Smith
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Detailed explanation-1: -The definition of economics has evolved significantly over time, influenced by and influencing the focus of economic study. The definition often attributed to Jacob Viner, ‘economics is what economists do’, reflects the difficulty of providing an unambiguous definition.
Detailed explanation-2: -This begs the question of what economics is. Jacob Viner (an eminent international trade theorist, 1892-1970) gave a slightly disturbing answer: “Economics is what economists do”.
Detailed explanation-3: -He says “Economics is the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of the society.”
Detailed explanation-4: -"Human welfare is the subject of Economics.” This statement is associated with Marshall, Pigou and Penson who are termed as welfare economists.