Question

Write the definition of economics according to Prof. Samuelson.

Answer 1

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Prof. Paul Samuelson defined economics as “the study of how men and society choose, with or without the use of money, to employ scarce productive resources which could have alternative uses, to produce various commodities over time, and distribute them for consumption, now and in the future among various people

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Answer 2

Answer:

Paul , Samuelson

The above definition is very comprehensive because it does not restrict to material well-being or money measure as a limiting factor. But it considers economic growth over time.

Economics

Economics is the study of how men and society choose,

with or without the use of money,

to employ scarce productive resources which could have alternative uses,

to produce various commodities over time and distribute them for consumption now and in the future amongst various people and groups of society”.

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