IN CONTEXT
Economic methods
Lionel Robbins (1898–1984)
1890 UK economist Alfred Marshall publishes Principles of Economics, which defines economics as “… that part of individual and social action which is most closely connected with the attainment and use of material requisites for well-being.”
1962 US economist Milton Friedman endorses Robbins’s definition, yet expands the boundaries of what Robbins has defined as economics.
1971 US economist Gary Becker publishes Economic Theory, in which he defines economics as “the study of the allocation of scarce means to satisfy competing ends.”
In 1932, the British economist Lionel ...
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