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Question
Who said "Economics is a social science concerned with the administration of scarce resources"?
Who said "Economics is a social science concerned with the administration of scarce resources"?
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Solution
The correct option is A Scitovsky
Scitovsky said "Economics is a social science concerned with the administration of scarce resources". Just like Robbins, Scitovsky also believed that economics is a science which deals with the study of human behaviour as a relationship between ends and scarce means which have alternative uses. Since human wants are unlimited and resources are limited, it calls for efficient allocation of the resources.
Scitovsky said "Economics is a social science concerned with the administration of scarce resources". Just like Robbins, Scitovsky also believed that economics is a science which deals with the study of human behaviour as a relationship between ends and scarce means which have alternative uses. Since human wants are unlimited and resources are limited, it calls for efficient allocation of the resources.
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