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Chapter 1: Q 15. (page 25)

How did John Maynard Keynes define economics?

Short Answer

Expert verified

John Maynard Keynes defines economics as a method of thinking rather than a doctrine.

Step by step solution

01

Step 1. Definition of Economics

Economics is the study of how humans make choices under conditions of scarcity. It deals with the consumption and production of goods and services. It also includes the knowledge of the transfer of wealth.

02

Step 2. The definition of economics according to John Meynard Keynes.

John Meynard Keynes stated economics as a method of thinking rather than a doctrine that draws conclusions for individuals. He said that economics teaches us how to think, and not what to think.

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