Wealth definition of economics

 Wealth definition of economics 

Author : Adam Smith ' 18th century Scottish economist , philosopher

Name of book ' an enquiry into the nature and causes of wealth of nation' 

Published in 1176 AD 

After publication of this book, Economics gots independently  

Identify as new discipline. For this Adam Smith is regarded as father of economics.

'Economics is the subject which inquires about the nature and causes of wealth of nation'

Features of wealth definition.

1. Economics is the study of wealth. It deals with production , distribution , exchange and consumption of the wealth.

2. Economics gives first priority to the wealth and second priority to the mankind but in case of mankind just for only accumulating more and more wealth.

3. Economic only study about economics man.

Economic man are those who are only for accumulating more and more wealth rather than they try to experience love kindness , sympathy etc.

4. Wages earned by the labour force is only source of wealth in an economy. Other than wealth  , there is nothing else which can be regarded as source of wealth.

Criticism of wealth definition

Main critics : Alfred Marshall

Criticism of wealth definition

1. Wealth definition have given undue important to the wealth. Critics of these definitions have emphasized on welfare of the people rather than wealth.

2. Wealth definition have completely neglected the psychological aspects of human beings such as love , kindness , religious beliefs etc which makes human life more meaningful.

3. Economic is normative science

4. Economic study about material welfare. Material welfare is the satisfaction obtained from the consumption of material or physical goods.