Question

"Economics is what Economists do" stated by the Economist:

• A. Adam Smith
• B. Jacob Viner
• C. Alfred Marshall
• D. Samuelson

Hint:

Famous Definitions of Economics: - Adam Smith (Wealth Definition): Study of the nature and causes of the wealth of nations. - Alfred Marshall (Welfare Definition): Study of mankind in the ordinary business of life; attainment and use of material requisites of well-being. - Lionel Robbins (Scarcity Definition): Science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. - Paul Samuelson (Growth-Oriented Definition): How societies use scarce resources to produce valuable commodities and distribute them. - Jacob Viner: "Economics is what economists do." (Highlights the evolving and practical nature of the field).

Answer 1

The Correct Option is B

Step 1: Recall famous definitions or characterizations of economics.
Defining economics precisely has been a subject of ongoing discussion among economists.
Various definitions focus on scarcity, choice, wealth, welfare, etc.

Step 2: Identify the economist associated with the given statement.
The somewhat circular and pragmatic definition, "Economics is what economists do," is attributed to Jacob Viner (1892–1970), a Canadian-American economist who taught at the University of Chicago and Princeton University.
This statement highlights the evolving nature of the discipline and suggests that the scope of economics is best understood by observing the actual work and subject matter that economists engage with.

Step 3: Consider other economists.
- (1) Adam Smith: Often called the "Father of Modern Economics," known for "The Wealth of Nations" (1776).
His definition focused on "an inquiry into the nature and causes of the wealth of nations.
" - (3) Alfred Marshall: A highly influential economist, author of "Principles of Economics" (1890).
He defined economics as "a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing.
" (Often considered a welfare definition).
- (4) Paul Samuelson: A Nobel laureate in economics, author of the influential textbook "Economics.
" He provided a widely cited definition focusing on scarcity and choice: "Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.
"
Step 4: Confirm the author of the statement.
The statement "Economics is what economists do" is attributed to Jacob Viner.
This matches option (2).