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.

Question

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 &ldquo;Scarcity&rdquo; definition of EconomicsC:Samuelson emphasized upon the &ldquo;growth&rdquo; aspect of EconomicsD:A.C Pigou believed in &ldquo;welfare&rdquo; aspect of EconomicsThe answer is a.

Answer

Marshall has given the welfare theory of economics

Answer

A.. as Marshall propagated wealth definition

Answer

Wealth definition given by Adam smith not marshal and marshal give welfare definition

Answer

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.

Answer

Alfred Marshall's definition of Economics deals with 'welfare' but they have said that it deals with 'wealth' as they have asked incorrect statement ,the answer is (a)

Answer

Incorrect Statement:
- A: Alfred Marshall propagated the wealth definition of economics.
Correct Statements:
- B: L. Robbins introduced the 'Scarcity' definition of economics.
- C: Samuelson emphasized the 'growth' aspect of economics.
- D: A.C Pigou believed in the 'welfare' aspect of economics.
Explanation:
- Alfred Marshall did not propagate the wealth definition of economics. He is known for his contributions to the neoclassical school of economics and his influential book 'Principles of Economics.' Marshall focused on the concepts of supply and demand, marginal utility, and the role of the individual in economic decision-making.
- L. Robbins is credited with introducing the 'Scarcity' definition of economics. According to Robbins, economics is the study of human behavior as a relationship between ends and scarce means which have alternative uses.
- Samuelson, in his book 'Economics: An Introductory Analysis,' emphasized the importance of economic growth in his analysis. He highlighted the role of investment, technological progress, and productive capacity expansion as drivers of economic development.
- A.C Pigou, a British economist, is known for his work on welfare economics. He believed that economics should focus on improving social welfare and advocated for government intervention to correct market failures and address externalities.
Therefore, the incorrect statement is A: Alfred Marshall propagated the wealth definition of economics.

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