Economics Lionel Robbins

Apr 30th, 2015
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Lord Lionel Robbins was born in 1898, and was one of the many great economists of our time. Robbins was known for his contributions to economic policy, methodology, and the history of ideas, but made his name as a theorist. Robbins was made famous for his definition of economics, "Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses.

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Economics Lionel RobbinsLord Lionel Robbins was born in 1898, and was one of the many great economists of ourtime. Robbins was known for his contributions to economic policy, methodology, and thehistory of ideas, but made his name as a theorist. Robbins was made famous for hisdefinition of economics, "Economics is a science which studies human behavior as arelationship between ends and scarce means which have alternative uses." (TheConcise Encyclopedia of Economics 2007) Robbins was able to change the AngloSaxon thought economics off its Marshallian process and onto the Continental train ofthought. In the twenties, he fought the idea of Alfred Marshall's concept of the"representative firm." He argued that the concept did not help one understand theequilibrium of the firm or of an industry. He also did some of the earliest work on laborsupply, showing that an increase in the wage rate had an ambiguous effect on theamount of labor supplied. (The Concise Encyclopedia of Economics 2007) He was afollower of William Stanley Jevons and Philip Wicksteed. William Stanley Jevons wrotethe book The Theory of Political Economy (1871) which expanded on the themes of hisearlier 1866

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