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Question
"The range of our inquiry becomes restricted to that part of social welfare that can be brought directly or indirectly into relation with the measuring rod of money". This definition is given by _____________.
"The range of our inquiry becomes restricted to that part of social welfare that can be brought directly or indirectly into relation with the measuring rod of money". This definition is given by _____________.
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Solution
The correct option is B A.C. Pigou
Arthur Cecil Pigou was an English economist
who defined economics as a relationship between various economic variables
like consumption, wealth, employment and output during different situations in
an economy such as inflation deflation etc.
Therefore, his definition of economics
was very much restricted to individual variables like market forces, prices in
the economy, production or output which made the definition less effective as
an economic system.
Arthur Cecil Pigou was an English economist
who defined economics as a relationship between various economic variables
like consumption, wealth, employment and output during different situations in
an economy such as inflation deflation etc.
Therefore, his definition of economics
was very much restricted to individual variables like market forces, prices in
the economy, production or output which made the definition less effective as
an economic system.
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