Which of the following economist is not associated with the wealth related definition of Economics?

The correct answer is - Pigou

Key Points

• Pigou
  • Pigou is not associated with the wealth-related definition of Economics.
  • Pigou is known for his work in welfare economics rather than focusing solely on wealth.
  • His most notable contributions include the concept of externalities and the idea of government intervention to correct market failures.

Additional Information

• Adam Smith
  • Known as the father of economics, Adam Smith provided a wealth-oriented definition of economics in his work "An Inquiry into the Nature and Causes of the Wealth of Nations".
  • He emphasized the role of self-interest and the invisible hand in promoting economic prosperity.
• J.B. Say
  • J.B. Say is known for his law of markets, often summarized as "supply creates its own demand," focusing on production and wealth creation.
• Walker
  • Francis Amasa Walker also contributed to the wealth-based perspective on economics, focusing on the distribution and production of wealth.
• Wealth Definition
  • The wealth-related definition of economics emphasizes the study of how wealth is produced, distributed, and consumed.
  • This approach was dominant in classical economics, focusing on the accumulation of wealth as the primary objective of economic activity.