Question

Welfare definition of economics was propounded by Alfred Marshall and supported by economists like-
(I) A.C. Pigou
(II) J.M.Keynes
(III) Lionel Robbins
Select the correct answer from the options given below-

• A. (I) only
• B. (II) only
• C. (III) only
• D. (I) and (II)

Answer 1

Answer: (A)

(I) only

Welfare-oriented definition of Economics was propounded by Alfred Marshall and supported by economists like A.C. Pigou, Cannon etc.

Marshall recognized the significance of human welfare. He believed that wealth is not an end itself, it is a mean to an end, the ultimate being human welfare