GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Robbins
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Marshall
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Pigou
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Adam smith
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Detailed explanation-1: -This concept was coined into existence by the British economist Lionel Robbins. Hence, economics is neutral among ends. Also, as long as an outcome is reached, it doesn’t matter, how it was reached. Robbins expressed the view that ‘Economics should be neutral between ends’.
Detailed explanation-2: -[Crossref], [Google Scholar], Buchanan wrote an article in which he criticized the definition of economics given by Robbins in his Essay on the Nature and Significance of Economic Science.
Detailed explanation-3: -Adam Smith was a Scottish economist who greatly influenced the economic theories of his time and came up with the first definition of economics on wealth generation, thus, he is known as the father of economics.
Detailed explanation-4: -Adam Smith “Economics is the science of wealth” This definition was given by Adam Smith. He is also known as the ‘father of economics. According to this definition, economics is a science of the study of wealth only. It deals with production, distribution, and consumption.