Question
"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, among various people and groups of society." This definition of economics is given by :
This question was previously asked in
CUET PG 2026 Agri-Business Management Question Paper (25-Mar-2026) (Shift 2)
The correct answer is
Prof. Samuelson
Samuelson's Economics Definition Explained
The provided definition, "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, among various people and groups of society," defines the scope of economics.
This definition focuses on the core economic challenge: managing limited resources to satisfy unlimited wants.
Identifying the Economist Behind the Definition
This specific definition, emphasizing scarcity and choice in the allocation of resources with alternative uses, is famously attributed to Professor Paul Samuelson.
Key takeaways from this definition include:
- Scarcity: Resources are limited.
- Choice: Society must decide how to use these limited resources.
- Alternative Uses: Resources are versatile and can be employed in multiple ways.
- Production & Distribution: It covers how goods are made and allocated.
- Time Factor: It considers both current and future needs.
Therefore, the definition is recognized as that of Prof. Samuelson.
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