{"id":48431,"date":"2024-04-15T22:41:09","date_gmt":"2024-04-15T22:41:09","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=48431"},"modified":"2024-04-15T22:41:09","modified_gmt":"2024-04-15T22:41:09","slug":"the-definition-of-wantlessness-in-economics-was-given-by","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/the-definition-of-wantlessness-in-economics-was-given-by\/","title":{"rendered":"The definition of &#8216;Wantlessness&#8217; in economics was given by"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9786ebcea7a\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"true\">\r\n                    Marshall                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    J. K. Mehta                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    A. C. Pigou                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    P. Samuelsan                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: A. Marshall<\/p>\n<p>Alfred Marshall (1842-1924) was a British economist who is considered one of the most important figures in the development of neoclassical economics. He is best known for his work on the theory of value, which he developed in his book Principles of Economics (1890).<\/p>\n<p>In Principles of Economics, Marshall defines &#8220;wantlessness&#8221; as &#8220;the absence of any desire for anything.&#8221; <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> He argues that wantlessness is a state of perfect contentment, in which a person has no need for anything and is therefore completely satisfied with their life.<\/p>\n<p>Marshall&#8217;s definition of wantlessness is based on the assumption that human beings are motivated by their desires. He argues that people are always striving to satisfy their desires, and that when they are successful in doing so, they experience a sense of satisfaction. However, Marshall also argues that people&#8217;s desires are never completely satisfied, and that they are always looking for new things <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> to desire. This, he argues, is the driving force behind economic progress.<\/p>\n<p>Marshall&#8217;s definition of wantlessness has been criticized by some economists, who argue that it is too simplistic. They argue that people&#8217;s desires are not always based on a rational assessment of their needs, and that they are often influenced by social and cultural factors. However, Marshall&#8217;s definition remains influential, and it is still used by many economists today.<\/p>\n<p>The other options are incorrect because:<\/p>\n<ul>\n<li>B. J. K. Mehta was an Indian economist who is best known for his work on the theory of development. He did not define the term &#8220;wantlessness.&#8221;<\/li>\n<li>C. A. C. Pigou was a British economist who is best known for his work on welfare economics. He did not define the term &#8220;wantlessness.&#8221;<\/li>\n<li>D. P. Samuelson was an American economist who is best known for his work on general equilibrium theory. He did not define the term &#8220;wantlessness.&#8221;<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The definition of &#039;Wantlessness&#039; in economics was given by<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/the-definition-of-wantlessness-in-economics-was-given-by\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The definition of &#039;Wantlessness&#039; 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