Adam Smith
Marshall
Robbins
None of the above
Answer is Wrong!
Answer is Right!
The correct answer is: A. Adam Smith
Adam Smith was a Scottish economist and philosopher who is considered the father of modern economics. He is best known for his book The Wealth of Nations, which was published in 1776. In this book, Smith argued that the wealth of a nation is not determined by the amount of gold and silver it possesses, but rather by the productivity of its people. He also argued that the free market is the best way to organize an economy, as it allows for the efficient allocation of resources and the division of labor.
The other options are incorrect:
- B. Marshall: Alfred Marshall was an English economist who is considered one of the founders of neoclassical economics. He is best known for his book Principles of Economics, which was published in 1890. In this book, Marshall developed the concept of marginal utility, which is the additional satisfaction that a consumer receives from consuming one more unit of a good or service.
- C. Robbins: Lionel Robbins was an English economist who is considered one of the founders of modern microeconomics. He is best known for his book An Essay on the Nature and Significance of Economic Science, which was published in 1932. In this book, Robbins defined economics as the science of choice under conditions of scarcity.
- D. None of the above: This option is incorrect because the definition of economics as the science of wealth is given by Adam Smith.