Adam Smiths Definition

Adam Smith’s Definition (Wealth Definition):

Adam Smith (1723-90) stated economics as follows: “Economics is the science of wealth”. He is the author of the well-known book “Wealth of Nations” (in 1776). He is famous as the Father of Political Economy since he was the first person who put all the economic thoughts in a systematic manner. It is only after Adam Smith, we study economics as systematic science.

The word “wealth” has a special meaning in Economics. In common language, by “wealth”, we mean money, however in economics, wealth refers to those goods that satisfy human wants. However we must remember all goods that satisfy human wants are not wealth. For illustration, air and sunlight are necessary for us. We cannot live without them. However they are not regarded as wealth since they are available in plenty and unlimited in supply. We consider only those goods that are relatively scarce and contain money value as wealth.

We study concerning production, consumption, exchange and distribution of wealth. J.S. Mill stated economics as “the practical science of the production and distribution of wealth”. Adam smith was of the view that economics was concerned with the troubles arising from wealth-getting and wealth-using activities of people. He was fascinated mostly in studying the ways by which the wealth of all nations could be raised.


Latest technology based Economics Online Tutoring Assistance

Tutors, at the, take pledge to provide full satisfaction and assurance in Nature and Scope of Economics help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for Nature and Scope of Economics, project ideas and tutorials. We provide email based Nature and Scope of Economics help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in Nature and Scope of Economics. Through Online Tutoring, you would be able to complete your homework or assignments at your home. Tutors at the TutorsGlobe are committed to provide the best quality online tutoring assistance for Economics Homework help and assignment help services. They use their experience, as they have solved thousands of the Economics assignments, which may help you to solve your complex issues of Nature and Scope of Economics. TutorsGlobe assure for the best quality compliance to your homework. Compromise with quality is not in our dictionary. If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay.