Question:
The scarcity definition of economics is credited to:
The scarcity definition of economics is credited to:
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Scarcity is the fundamental problem that makes economics a necessary discipline. Without scarcity, allocation problems wouldn’t exist.
Updated On: Aug 14, 2025
- Alfred Marshall
- Lionel Robbins
- Adam Smith
- Dennis Robertson
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The Correct Option is B
Solution and Explanation
Step 1: Understanding the scarcity definition
Lionel Robbins, a British economist, defined economics in 1932 as the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
Step 2: Core idea
This definition focuses on scarcity — the central problem in economics — because resources are limited, while human wants are unlimited. Economics, therefore, studies how these scarce resources are allocated efficiently.
Step 3: Impact of Robbins' definition
Robbins’ approach shifted the focus of economics from material welfare to decision-making under scarcity, influencing modern economic thought.
\[ \boxed{\text{Lionel Robbins gave the scarcity definition of economics.}} \]
Lionel Robbins, a British economist, defined economics in 1932 as the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
Step 2: Core idea
This definition focuses on scarcity — the central problem in economics — because resources are limited, while human wants are unlimited. Economics, therefore, studies how these scarce resources are allocated efficiently.
Step 3: Impact of Robbins' definition
Robbins’ approach shifted the focus of economics from material welfare to decision-making under scarcity, influencing modern economic thought.
\[ \boxed{\text{Lionel Robbins gave the scarcity definition of economics.}} \]
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