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Can you explain the answer of this question below:
Which of the following statements is incorrect?
- A:Alfred marshall propagated the wealth definition of Economics
- B:L. Robbins introduced the “Scarcity” definition of Economics
- C:Samuelson emphasized upon the “growth” aspect of Economics
- D:A.C Pigou believed in “welfare” aspect of Economics
The answer is a.
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Wealth definition given by Adam smith not marshal and marshal give welfare definition
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Incorrect Statement Analysis
The question asks to identify the incorrect statement regarding the definitions of Economics proposed by notable economists. Here’s a detailed explanation of each option:
Option A: Alfred Marshall and the Wealth Definition
- Alfred Marshall is not primarily known for the "wealth" definition of Economics; rather, this definition is attributed to Adam Smith, who emphasized the accumulation of wealth as a primary objective of economic activity.
- Marshall is known for integrating both welfare and wealth aspects in his work, thus making this statement incorrect.
Option B: L. Robbins and the Scarcity Definition
- Lionel Robbins introduced the "scarcity" definition of Economics, emphasizing that it studies human behavior in relation to ends and scarce means that have alternative uses.
- This statement is correct and reflects Robbins' significant contribution to the field.
Option C: Samuelson and the Growth Aspect
- Paul Samuelson, a key figure in modern economics, highlighted the importance of economic growth in his theories.
- This statement is accurate as Samuelson's work, particularly in his textbook, focused on economic growth and its implications.
Option D: A.C. Pigou and the Welfare Aspect
- Arthur Cecil Pigou is known for his contributions to welfare economics, emphasizing the importance of welfare in economic analysis.
- This statement is correct, as Pigou's work focused significantly on social welfare and public policy.
Conclusion
- The incorrect statement among the options is A, as Alfred Marshall did not propagate the wealth definition of Economics; that credit belongs to Adam Smith.
The question asks to identify the incorrect statement regarding the definitions of Economics proposed by notable economists. Here’s a detailed explanation of each option:
Option A: Alfred Marshall and the Wealth Definition
- Alfred Marshall is not primarily known for the "wealth" definition of Economics; rather, this definition is attributed to Adam Smith, who emphasized the accumulation of wealth as a primary objective of economic activity.
- Marshall is known for integrating both welfare and wealth aspects in his work, thus making this statement incorrect.
Option B: L. Robbins and the Scarcity Definition
- Lionel Robbins introduced the "scarcity" definition of Economics, emphasizing that it studies human behavior in relation to ends and scarce means that have alternative uses.
- This statement is correct and reflects Robbins' significant contribution to the field.
Option C: Samuelson and the Growth Aspect
- Paul Samuelson, a key figure in modern economics, highlighted the importance of economic growth in his theories.
- This statement is accurate as Samuelson's work, particularly in his textbook, focused on economic growth and its implications.
Option D: A.C. Pigou and the Welfare Aspect
- Arthur Cecil Pigou is known for his contributions to welfare economics, emphasizing the importance of welfare in economic analysis.
- This statement is correct, as Pigou's work focused significantly on social welfare and public policy.
Conclusion
- The incorrect statement among the options is A, as Alfred Marshall did not propagate the wealth definition of Economics; that credit belongs to Adam Smith.
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Can you explain the answer of this question below:Which of the following statements is incorrect?A:Alfred marshall propagated the wealth definition of EconomicsB:L. Robbins introduced the “Scarcity” definition of EconomicsC:Samuelson emphasized upon the “growth” aspect of EconomicsD:A.C Pigou believed in “welfare” aspect of EconomicsThe answer is a.
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