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Question
Whose definition studies normative aspect of economics?
Whose definition studies normative aspect of economics?
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Solution
The correct option is C Marshall
Alfred Marshall was a British economist who
proposed the definition of welfare according to which economics should be a
science of creation of welfare for both human as well as society believed that
the subject studies the creation of materialistic things in the economy for
personal gains which is not good for the welfare of the society. Therefore, he
proposed a normative definition on economics.
Alfred Marshall was a British economist who proposed the definition of welfare according to which economics should be a science of creation of welfare for both human as well as society believed that the subject studies the creation of materialistic things in the economy for personal gains which is not good for the welfare of the society. Therefore, he proposed a normative definition on economics.
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