Question

Who gave the welfare-oriented definition of Economics?

• A. Adam Smith
• B. Marshall
• C. Robbins
• D. Mehta

Hint:

Associate each key economist with their core definition: Smith \(\rightarrow\) Wealth, Marshall \(\rightarrow\) Welfare, Robbins \(\rightarrow\) Scarcity.

Answer 1

The Correct Option is B

Step 1: Understanding the Concept:
The question asks to identify the economist associated with the "welfare-oriented" definition of economics, which shifted the focus from mere wealth to human welfare.

Step 2: Detailed Explanation:
Different economists have defined economics from different perspectives: \begin{itemize} \item Adam Smith gave a wealth-oriented definition, defining economics as "an inquiry into the nature and causes of the wealth of nations." \item Alfred Marshall provided the welfare-oriented definition. In his book "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 well-being." \item Lionel Robbins gave a scarcity-oriented definition, defining economics as "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." \end{itemize} Marshall's definition is distinctly focused on human welfare as the central subject of economics.

Step 3: Final Answer:
The welfare-oriented definition of Economics was given by Alfred Marshall. Therefore, option (B) is the correct answer.