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  • ICAR and TNAU E-Course Summarized

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  • Who gave the scarcity centric definitions of economics?

    Question: Who gave the scarcity centric definitions of economics?

    Options:

    Marshall
    Robbins
    Samuelson
    Robinson

    🔑Key Points:
    Lionel Charles Robbins, was a British economist, and prominent member of the economics department at the London School of Economics.
    He gave concept of scarcity centric definitions of economics.
    Scarcity is one of the key concepts of economics. It means that the demand for a good or service is greater than the availability of the good or service. Therefore, scarcity can limit the choices available to the consumers who ultimately make up the economy.

    🔴Additional Information:
    Marshall book Principles of Economics (1890) was the dominant economic textbook in England for many years. It brought the ideas of supply and demand, marginal utility, and costs of production into a coherent whole. He is known as one of the founders of neoclassical economics.
    Samuelson : Samuelson (1954, 1955) has  stated, public goods have the property that "one man's consumption does not reduce some other man's consumption". 
    According to Mrs. Joan Robinson, national income is the sum of the total wage bill and total profit..

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