Question

Robbins' definition is superior to the earlier definition because:

• A. His definition is analytical and makes use of classificatory expressions like economic, non-economic, material, ordinary business of life, etc.
• B. Economics is a social science and it is neutral between ends.
• C. His definition has universal applicability. It applies to all individuals, groups and nations, no matter what type of ideologies or systems they follow.
• D. All of the above

Answer 1

Answer: (C)

His definition has universal applicability. It applies to all individuals, groups and nations, no matter what type of ideologies or systems they follow.

Lionel Robbins was a British economist who proposed a very scientific definition on economics where he emphasised on setting up an effective relationship between the human wants and scarce means to maximise the satisfaction of most of the unlimited wants in the economy.
Therefore, it created an universally applicable definition which can be followed by all the economist to solve the problem of scarcity in the economy.