During these years and under the directorship of William Beveridge, future father of the welfare state and the National Health Service, LSE redefined the study of economics and the new conception of the study of economics as "a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses" is looked to as the norm.
Tijekom tih godina pod ravnateljstvom Williama Beveridgea, budućeg oca države blagostanja i Nacionalne zdravstvene službe, LSE je redefinirao studij ekonomije, a novi koncept studija ekonomije kao "znanosti koja proučava ljudsko ponašanje kao odnos između krajnih i oskudnih sredstava koja imaju alternativnu uporabu" postao je norma.