Question

The author of scarcity definition is
(a) Adam Smith
(b) Samuelson
(c) Alfred Marshall
(d) Lionel Robbins

Answer 1

d) Lionel Robbins.

According to the theory of scarcity by Lionel Robbins,

Every person in every kind of economic arrangement will face scarcity of commodities, however much be the production and distribution.

The critically acclaimed theory says that a human being has endless number of wants and desires.

It also says that the choices of a per-son increase as and when he gets more choices.

Thus, every person, however much he may get supply of any thing, will end up wanting more, leading to more production.