GK
BUSINESS ECONOMICS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Which Economist has given this definition of economics?"Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses”
|
|
Prof. Lionel Robbins
|
|
|
Paul Samuelson
|
|
|
Adam Smith
|
|
|
J.M. Keynes
|
Explanation:
Detailed explanation-1: -Almost 80 years ago, Lionel Robbins proposed a highly influential definition of the subject matter of economics: the allocation of scarce means that have alternative ends.
Detailed explanation-2: -Economics is a science of choice. Every economy is faced with this basic problem. This has been reflected in the definition given by Prof. Lionel Robbins in his book “An Essay on the Nature and Significance of Economic Science”.
Detailed explanation-3: -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”.
There is 1 question to complete.