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.
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