Who gave "Welfare oriented" definition of Economics?

Lionel Robbins

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Adam Smith

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Alfred Marshall

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None of the Above

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Solution

The correct option is D Alfred Marshall
Welfare-oriented definition of Economics was propounded by Alfred Marshall and supported by economists like A. C. Pigou, Cannon etc. Marshall recognised the significance of human welfare. He believed that wealth is not an end in itself, it is a means to an end, the ultimate end being human welfare. Marshall regarded wealth as a tool of satisfying human wants.

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