[amp_mcq option1=”A. Marshall” option2=”Adam Smith” option3=”Robbins” option4=”A. C. Pigou” correct=”option4″]<\/p>\n
The correct answer is D. A. C. Pigou.<\/p>\n
A. Marshall gave a production-oriented definition of economics, while B. Adam Smith gave a wealth-oriented definition. C. Robbins gave a scarcity-oriented definition.<\/p>\n
A. C. Pigou was a British economist who is best known for his work on welfare economics. He argued that the government should intervene in the economy to correct market failures and promote economic efficiency.<\/p>\n
Pigou’s welfare-oriented definition of economics is as follows:<\/p>\n
“Economics is the study of how men and society choose, with or without the use of money, to employ scarce productive resources which could have alternative uses, to produce commodities over time and in such a way as to satisfy as many individual wants as possible.”<\/p>\n
This definition emphasizes the importance of efficiency and equity in the allocation of resources. It also highlights the role of the government in promoting economic welfare.<\/p>\n","protected":false},"excerpt":{"rendered":"
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