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Thermodynamic Processes

Who said "Law...

Question

Who said "Laws of economics are like laws of tides rather than law of gravitation"?

A

Adam Smith

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B

Marshall

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C

Robbins

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D

Samuelson

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Solution

The correct option is B Marshall
Alfred Marshall was a British economist who stated that economic laws are not rigid laws as their application depends upon the situation and assumption on which they are applied. Therefore, he described these laws as laws of tides which are very tentative in nature.

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Assertion

: Kepler's laws of planetary motion are a consequence of Newton's law of gravitation.

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