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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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