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Adam Smith's Economics and the Invisible Hand Theory

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Adam Smith's Economics and the Invisible Hand Theory

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Questions and Answers

According to Marshall’s definition of material things, which of the following examples would fall under immaterial things?

Skill in operating a thrasher (correct)

A book

Cultivation of hybrid cotton variety

A tractor

What is one of the criticisms of Marshall's definition of economics?

Marshall did not consider any distinctions between material and immaterial things

Marshall focused solely on immaterial things

Marshall only considered material things (correct)

Marshall's definition lacked clarity on the concept of welfare

In Robbins' definition of economics, what do 'ends' refer to?

Alternative uses of resources

Human wants (correct)

Limited resources

Economic activities

According to Robbins' definition, what is scarcity of a commodity based on?

The demand for the commodity Signup and view all the answers

What aspect of economic science does Robbins focus on in his definition of economics?

Human behavior and scarcity of resources Signup and view all the answers

Critically evaluating Robbins' definition, which aspect of goods does he not distinguish between?

Goods conducive to human welfare and those that are not Signup and view all the answers

According to Adam Smith, what is the 'invisible hand' in economics?

A mechanism that leads individuals to unintentionally promote society's interests Signup and view all the answers

Why did Ruskin and Carlyle criticize economics as a 'dismal science'?

For teaching selfishness rather than ethics Signup and view all the answers

What did Alfred Marshall emphasize in his definition of economics?

The study of mankind's everyday economic activities Signup and view all the answers

How did the definition of economics shift from Adam Smith to Alfred Marshall?

From emphasizing wealth to focusing on human welfare Signup and view all the answers

What major criticism did Adam Smith face regarding his definition of economics?

Defining economics solely in terms of wealth and not human welfare Signup and view all the answers

How did Adam Smith suggest that individual pursuit of self-interest benefits society?

Through the operation of an 'invisible hand' Signup and view all the answers