Lionel Robbins

Lionel Robbins was a British economist known for his influential work in the early 20th century. He is best known for defining economics as the study of how societies allocate scarce resources to satisfy unlimited wants. This definition emphasizes the importance of decision-making and trade-offs in both personal and societal contexts. Robbins also contributed to the development of welfare economics and emphasized the role of individual choices in economic theory. His ideas shaped modern economics, particularly the understanding of scarcity and choice, making him a key figure in the discipline.