GENERAL KNOWLEDGE

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GK

BUSINESS ECONOMICS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Robbins definition is superior to the earlier definitions because(i) It is more scientific(ii) It Takes into account all types of human wants, material or non-material, as well as of all types of persons whether living in society or not.(iii) It widened the scope of economics(iv) It is a positive scienceof these
A
i and ii are correct
B
ii and iii are correct
C
ii and iv are correct
D
All are correct
Explanation: 

Detailed explanation-1: -Robbins claims that his definition is superior to the earlier definitions: (a) It is more scientific, since it is not based on artificial classification of wants, as material and non-material. It is independent of such classification.

Detailed explanation-2: -Robbins definition of economics is considered as more scientific and analytical definition than that of Marshall’s definition because it is far from classificatory. Marshall’s definition is classificatory into material and non-material welfare, economic and non-economic activities.

Detailed explanation-3: -In his landmark essay on the nature of economics, Lionel Robbins defined economics as. “the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses”

Detailed explanation-4: -This was that, though he did not formulate it in these terms, Robbins’ definition fitted well with acceptance of a rational choice model of behaviour. As economists learned to apply rational choice to an ever widening range of problems, the Robbins definition came to be used more prominently in textbooks.

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