Question

Who among the following economists is not of the welfareist concept?

• A. J. B. Say
• B. Marshall
• C. Pigou
• D. Cannan

Hint:

Welfare economics focuses on improving societal well-being. Economists like Pigou and Marshall are central figures in this field, advocating for policies that address inequality and market failures.

Answer 1

The Correct Option is D

Step 1: Understanding Welfare Economics:
Welfare economics is a branch of economics that focuses on the optimal allocation of resources to maximize social welfare. It deals with issues such as income distribution, social justice, and the role of government intervention in correcting market failures. Economists in this field often advocate for policies that promote the well-being of society as a whole, including government regulation to correct externalities and ensure equitable distribution of wealth.
Step 2: Welfareist Economists:
- J. B. Say: While J. B. Say is known for Say’s Law, which states that supply creates its own demand, his work also touches upon welfare aspects, especially regarding the distribution of income.
- Marshall: Alfred Marshall is considered one of the founders of welfare economics. He emphasized the role of government intervention in promoting public welfare and addressing externalities in the economy.
- Pigou: Arthur Cecil Pigou is often regarded as the father of welfare economics. He developed the theory of welfare economics, advocating for government intervention in cases of market failures, especially in addressing externalities like pollution.
- Cannan: E. J. Cannan was a classical economist who did not focus on welfare economics. His work was more aligned with classical economic theory, which emphasized market forces and individualism rather than collective welfare.
Step 3: Conclusion and Answer:
Cannan was not a welfare economist. Unlike Marshall, Pigou, and Say, who contributed to the development of welfare economics, Cannan's work was primarily focused on classical economic theory, making him the correct answer.