Question:
What is the chronological sequence in the evolution of definitions of economics?
(A) Growth definition
(B) Scarcity definition
(C) Welfare definition
(D) Wealth definition
Choose the correct answer from the options given below:
What is the chronological sequence in the evolution of definitions of economics?
(A) Growth definition
(B) Scarcity definition
(C) Welfare definition
(D) Wealth definition
Choose the correct answer from the options given below:
(A) Growth definition
(B) Scarcity definition
(C) Welfare definition
(D) Wealth definition
Choose the correct answer from the options given below:
Show Hint
To remember the chronological order of economics definitions, memorize the key authors and their eras:
- Adam Smith (1776) $\rightarrow$ Wealth.
- Alfred Marshall (1890) $\rightarrow$ Welfare.
- Lionel Robbins (1932) $\rightarrow$ Scarcity.
- Paul Samuelson (1948) $\rightarrow$ Growth.
- Adam Smith (1776) $\rightarrow$ Wealth.
- Alfred Marshall (1890) $\rightarrow$ Welfare.
- Lionel Robbins (1932) $\rightarrow$ Scarcity.
- Paul Samuelson (1948) $\rightarrow$ Growth.
Updated On: Jul 24, 2026
- (A), (B), (C), (D).
- (B), (C), (D), (A).
- (C), (D), (A), (B).
- (D), (C), (B), (A).
Show Solution
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The Correct Option is D
Solution and Explanation
Step 1: Understanding the Concept:
The definition and scope of economics have evolved significantly over the past two centuries.
Economists have defined the discipline based on the dominant economic issues of their respective eras.
Step 2: Detailed Explanation:
Let us review the historical sequence of these definitions:
1. Wealth Definition (D): Proposed by Adam Smith (the Father of Modern Economics) in his landmark book, "An Inquiry into the Nature and Causes of the Wealth of Nations" (1776).
He defined economics as the "science of wealth," focusing on the production and consumption of wealth.
2. Welfare Definition (C): Proposed by Alfred Marshall in his book, "Principles of Economics" (1890).
He shifted the focus from wealth to human welfare, defining economics as the study of mankind in the ordinary business of life.
3. Scarcity Definition (B): Proposed by Lionel Robbins in his essay, "An Essay on the Nature and Significance of Economic Science" (1932).
He defined economics as the science that studies human behavior as a relationship between ends (unlimited wants) and scarce means which have alternative uses.
4. Growth Definition (A): Proposed by Paul Samuelson and other modern economists in the mid-20th century (1948 onwards).
This definition incorporates time, resource growth, and allocation, focusing on how society uses scarce resources to produce commodities and distribute them over time.
The correct chronological order from earliest to latest is:
Wealth definition (D) $\rightarrow$ Welfare definition (C) $\rightarrow$ Scarcity definition (B) $\rightarrow$ Growth definition (A).
This corresponds to sequence (D), (C), (B), (A).
Step 3: Final Answer:
The correct option is (D).
The definition and scope of economics have evolved significantly over the past two centuries.
Economists have defined the discipline based on the dominant economic issues of their respective eras.
Step 2: Detailed Explanation:
Let us review the historical sequence of these definitions:
1. Wealth Definition (D): Proposed by Adam Smith (the Father of Modern Economics) in his landmark book, "An Inquiry into the Nature and Causes of the Wealth of Nations" (1776).
He defined economics as the "science of wealth," focusing on the production and consumption of wealth.
2. Welfare Definition (C): Proposed by Alfred Marshall in his book, "Principles of Economics" (1890).
He shifted the focus from wealth to human welfare, defining economics as the study of mankind in the ordinary business of life.
3. Scarcity Definition (B): Proposed by Lionel Robbins in his essay, "An Essay on the Nature and Significance of Economic Science" (1932).
He defined economics as the science that studies human behavior as a relationship between ends (unlimited wants) and scarce means which have alternative uses.
4. Growth Definition (A): Proposed by Paul Samuelson and other modern economists in the mid-20th century (1948 onwards).
This definition incorporates time, resource growth, and allocation, focusing on how society uses scarce resources to produce commodities and distribute them over time.
The correct chronological order from earliest to latest is:
Wealth definition (D) $\rightarrow$ Welfare definition (C) $\rightarrow$ Scarcity definition (B) $\rightarrow$ Growth definition (A).
This corresponds to sequence (D), (C), (B), (A).
Step 3: Final Answer:
The correct option is (D).
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