12 Questions
According to Marshall’s definition of material things, which of the following examples would fall under immaterial things?
Skill in operating a thrasher
What is one of the criticisms of Marshall's definition of economics?
Marshall only considered material things
In Robbins' definition of economics, what do 'ends' refer to?
Human wants
According to Robbins' definition, what is scarcity of a commodity based on?
The demand for the commodity
What aspect of economic science does Robbins focus on in his definition of economics?
Human behavior and scarcity of resources
Critically evaluating Robbins' definition, which aspect of goods does he not distinguish between?
Goods conducive to human welfare and those that are not
According to Adam Smith, what is the 'invisible hand' in economics?
A mechanism that leads individuals to unintentionally promote society's interests
Why did Ruskin and Carlyle criticize economics as a 'dismal science'?
For teaching selfishness rather than ethics
What did Alfred Marshall emphasize in his definition of economics?
The study of mankind's everyday economic activities
How did the definition of economics shift from Adam Smith to Alfred Marshall?
From emphasizing wealth to focusing on human welfare
What major criticism did Adam Smith face regarding his definition of economics?
Defining economics solely in terms of wealth and not human welfare
How did Adam Smith suggest that individual pursuit of self-interest benefits society?
Through the operation of an 'invisible hand'
Learn about Adam Smith's perspective on economics and the concept of the 'invisible hand' from his book 'An Inquiry into Nature and Causes of Wealth of Nations'. Explore how Smith believed individuals pursuing their self-interest unintentionally contribute to society's well-being. Discover criticisms of Smith's definition of economics.
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