Question

3)Either definition of economics given by Adam Smith or the definition given by Alfred Marshall is superior, explain in points
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Answer 1

Explanation:

Adam Smith was a Scottish economist who proposed economics as the science of wealth and focused on wealth creation.

Alfred Marshall was a British economist who suggested that economics is the study of human and social welfare.

Lionel Robbins was a British economist who established the relationship between scarce resources, having alternative uses and unlimited human wants, requiring allocation of resources optimally.

Paul A Samuelson was an American economist who focused on the growth of the nation through efficiency in the satisfaction of wants through the use of scarce resources.Smith is most famous for his 1776 book, "The Wealth of Nations." Smith's ideas–the importance of free markets, assembly-line production methods, and gross domestic product (GDP)–formed the basis for theories of classical economics.Economics is an enquiry into the nature and causes of wealth of nations."- Adam Smith. 2. Economics is the science which treats of wealth.

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