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Inequality and Externality

The important...

Question

The important feature(s) of Marshall's definition:

A

Economics is a study of mankind in the ordinary business of life

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B

Economics is a marketable science of individual welfare

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C

Economics studies pre-requisites for wealth generation

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D

All of the above

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Solution

The correct option is D Economics is a study of mankind in the ordinary business of life
Alfred Marshall was a British economist who proposed the definition of welfare according to which economics is a science of creation of welfare for both human as well as society. Therefore, economics studies the ordinary business activities done by a man in daily life to generate wealth which is used to create welfare for both human and society.

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Q. Who expressed the view that economics is the study of mankind in the ordinary business of life?

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Q. ___________ defines economics as a study of man in the ordinary business of life. It enquired how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man.

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