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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
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Solution
The correct option is A Pigou
The Pigou effect is a
term in economics referring to the relationship between consumption,
wealth, employment and output during periods of deflation. Alternatively,
with the inflation of prices, employment and output will be decreased, due to a
decrease in consumption. From definition of Pigou it can be concluded
that social welfare can be restricted directly or indirectly to money.
The Pigou effect is a term in economics referring to the relationship between consumption, wealth, employment and output during periods of deflation. Alternatively, with the inflation of prices, employment and output will be decreased, due to a decrease in consumption. From definition of Pigou it can be concluded that social welfare can be restricted directly or indirectly to money.
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