Economics has been defined as a science of unlimited ends having scarce means having alternative uses by:

Adam Smith
Alfred Marshall
A. C. Pigou
Robbins

The correct answer is D. Robbins.

Lionel Robbins (1898-1984) was a British economist who is best known for his definition of economics as “the science of the allocation of scarce resources among competing ends.” This definition has been widely adopted by economists and is considered to be one of the most concise and accurate definitions of the discipline.

Adam Smith (1723-1790) is considered to be the father of modern economics. His book, The Wealth of Nations, published in 1776, is considered to be one of the most important works in the history of economic thought. In The Wealth of Nations, Smith argued that the free market is the best way to organize an economy. He also introduced the concept of the “invisible hand,” which is the idea that the self-interest of individuals can lead to the betterment of society as a whole.

Alfred Marshall (1842-1924) was a British economist who is considered to be one of the founders of neoclassical economics. His book, Principles of Economics, published in 1890, is considered to be one of the most important works in the history of economic thought. In Principles of Economics, Marshall developed the concept of the “marginal utility,” which is the idea that the utility of a good or service decreases as the amount of that good or service consumed increases.

A. C. Pigou (1877-1959) was a British economist who is best known for his work on welfare economics. His book, The Economics of Welfare, published in 1920, is considered to be one of the most important works in the history of welfare economics. In The Economics of Welfare, Pigou argued that the government should intervene in the economy to correct for market failures.

In conclusion, the correct answer to the question “Economics has been defined as a science of unlimited ends having scarce means having alternative uses by:” is D. Robbins.

Exit mobile version