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Wealth Definition of Economics

wealth definition
In 1776 A.D., Adam Smith published a book entitled "An Inquiry into the Nature and Causes of Wealth of Nation". In short, this book is also called "Wealth of Nation". The name of book itself defined what economics is and the study area or subject matter of economics that it covers. This is also considered as the Bible of the science of economics. The meaning of wealth as used by A. Smith refers to abundance of money. Smith was among the first to describe how a free, competitive economy can function without central planning or government intervention to allocate resources efficiently. He recognizes that the virtues of the 'invisible hand' that leads the people's private interest of firm and he was popularly suspicious of firms that are sheltered from competition. Since, he recognized the potentially undesirable effects on resources allocation.

Logical Explanation:

  • Significance of Wealth:
A.Smith assumed that wealth is the only important factor in human society. It can fulfill all the desires of human being in society. He also assumed that the entire efforts of human society is found to be directed towards earning more and more wealth.
  • Role of Economic Man:
Smith claims that economics studies behavior of those human beings who have only one objective. That objective is the earning of more and more wealth at any cost by any means. Human being of such nature in the words of Smith is an "Economic Man".

  • Priority Given in Definition:
In the definition of economics first priority is given to wealth and the second priority to mankind. He assumes that mankind is for wealth but wealth is not for mankind. He also believed and argued that wealth and only wealth can give higher satisfaction to all mankind. Therefore, wealth is of a primary importance in his definition.

  • Sources of Wealth:
A. Smith in his definition of economics assumed that, wages earned by active human resources is to be the only one and most important source of income of a nation. He also suggested that the active labors can earn high amount of wages only through the division of labor in production and distribution of goods and services.He conclude that apart from wages, there is nothing else which can be regarded as sources of wealth of a nation.

Criticisms


The wealth definition of economics given by Adam Smith has been criticized on several grounds. It is strongly criticized by eminent scholars like Carlyle Ruskin, Alfred Marshall, etc. In short, the critics dubbed economics as the "Bread and Butter Science", "the Gospel of Mammon" and " a Dismal Science". The major points of criticisms of wealth definition are discussed below:

  • Narrow Definition
A.Smith considered that economics is the science that deals only with wealth and material goods. Contrary, to this definitions concept the critics pointed out that economics studies not only material goods and wealth but also some non-material such as services of doctor, teacher, lecturer also fulfill the human wants. Therefore, services provided by professional human resources also constitute aspects of wealth. Therefore, services regarded by people should also be regarded as a part of wealth.

  • Unnecessary Emphasis on Wealth
A. Smith highly emphasized the importance of wealth in economic life rather than human beings. He assigned primary role to wealth and only secondary place to mankind. On the contrary, the critics pointed out that human life cannot be sacrificed for wealth rather wealth should be used for the betterment of mankind.

  • Single Source of Wealth
In the view of A. Smith, the amount of wages that is earned by employed labors could be the only one source of wealth of nation. The critics of the definition are however of the view that natural resources, human resources, physical resources and capital resources also as sources of wealth. All these resources put together can be utilized to earn maximum wealth by a nation.

  • Assumption of Economic Man is Wrong
Smith assumed that every human being who wants to earn money by hook or crook is known as economic man. The critics of the definition instead pointed out that almost all human beings also own the qualities of human life such as feelings of love, respect, self-esteem, sympathy, c0-operation, friendship, trust which might provide greater satisfaction rather than wealth in their lives.

Conclusion

In conclusion, A. Smith considered human wants as unlimited. It is important that these wants be fulfilled and wealth is the only thing that can fulfill human needs or wants.
The definition of economics as the 'science of wealth' has been supported by classical economists such as: F.A. Walker, J. B. Say, J.S. Mill and David Ricardo. According to F.A. Walker, "Economics is that body of knowledge which relates to wealth." Similarly, J.B. Say defines,"Economics is that science which treats of wealth."
In conclusion, each and every classical economists defines economics in similar view as Adam Smith that economics is the body of knowledge which relates to wealth.

45 comments:

wheres the definition ur beating around the bush

 

I agree with Shari.......Where is the definition?

 
This comment has been removed by the author.
 

economics is a science of wealth

 

economics is a science of wealth

 

Thank you, It is brief to have knowledge.

 

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Adam Smith's definition to economics

 

Adam Smith's definition to economics

 



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Can I also know that who is the father of economic & modern economics

 

Can i get to the point definition of wealth economics!!

 

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Am here to say a big thank you to Dr Sam for his great powerful love spell and his great spirits for saving my relationship. No one would have believe that I and my ex will ever come back together again lovers. But this great spell caster united us in just 48 hours. Dr Sam is truly a real and honest online spell caster. Contact him now on: okokakspellhome@gmail.com or whatsApp him +2349060421250 and he will help you solve all your problem

 

WHAT A GREAT MIRACLE THAT I HAVE EVER SEE IN MY LIFE. My names are Clara David I’m a citizen of USA, My younger sister was sicking of breast cancer and her name is Sandra David I and my family have taking her to all kind of hospital in USA still yet no good result. I decided to search for cancer cure so that was how I found a lady called Peter Lizzy. She was testifying  to the world about the goodness of a herbal man who has the roots and herbs to cure all kinds of disease and the herbal man's email was there. So I decided to contact the herbal man @herbalist_sakura for my younger sister's help to cure her breast cancer. I contacted him and told him my problem he told me that I should not worry that my sister cancer will be cure, he told me that there is a medicine that he is going to give me that I will cook it and give it to my sister to drink for one week, so I ask how can I receive the cure that I am in USA, he told me That I will pay for the delivery service. The courier service can transport it to me so he told me the amount I will pay, so my dad paid for the delivery fee. two days later I receive the cure from the courier service so I used it as the herbal man instructed me to, before the week complete my sister cancer was healed and it was like a dream to me not knowing that it was physical I and my family were very happy about the miracle of Doctor so my dad wanted to pay him 5 million us dollars the herbal man did not accept the offer from my dad, but I don't know why he didn't accept the offer, he only say that I should tell the world about him and his miracle he perform so am now here to tell the world about him if you or your relative is having any kind of disease that you can't get from the hospital please contact dr.sakuraspellalter@gmail.com or whats app him +2348110114739  you can follow him up on Instagram @herbalist_sakura for the cure, he will help you out with the problem. And if you need more information about the doctor you can mail me davidclara223@gmail.com 

 

A big thanks to Dr Oselumen i never believe that there still exist a real death spell caster after all this years of disappointment from the enormous spammers on the Internet who go about scamming people, until i was opportune to meet Dr Oselumen a real spell caster, through a close friend called Jennifer who Dr oselumen had helped before, when i contacted him with his email via droselumen@gmail.com i explain how my ex have been giving me problem in my marriage, she never allowed me a moment of peace, and i need to end it by killing her, and i don't want to make use of assassin because it will be risky so i needed to do it in a spiritual way that's why i decided to contact him, he assured me not to worry as i have contacted the right person at the right time, i co-operated with him and in less than a week my ex was dead, she slept and never woke up all thanks to Dr Oselumen indeed he's really a humble man. you can contact dr oselumen for any death spell, such as to kill your superior in the office and take his or her place, death spell to kill your father and inherit his wealth ,death spell to kill anyone who have scammed you in the past ,spell for increase in salaries, spell for promotion at the office, spell to get your ex lover back, if things is not working well in your life then you need to contact him now via Email droselumen@gmail.com call or add him on whatsapp +2348054265852.

 

Hello everyone i want testify how DR OKOLO the spell caster saved my marriage After being in relationship with my husband for
years, he broke up with me because of another woman. I did everything within my reach to bring him
back but all was in vain, I wanted him back so badly because of the love I
had for him, I begged him with everything, I made promises but he refused.
I explained my problem to my friend and she suggested that I should rather
contact a spell caster that could help me cast a spell to bring him back , not knowing my husband was under spell
I had no choice than to try it. I messaged the spell caster, and he assured
me there was no problem and that everything will be okay before three days.
He cast the spell and surprisingly on the second day, my husband called me.
I was so surprised, I answered the call and all he said was that he was so
sorry for everything that had happened He wanted me to return to him. He
also said he loved me so much. I was so happy and went to him that was how
we started living together happily again. The spell casters email is :
drokolosolutioncenter@gmail.com. You can email him if you need his assistance in
your relationship or any other Case. Or WhatApp him on+2347031895935

1) Love Spells
2) Lost Love Spells
3) Divorce Spells
4) Marriage Spells
5) Binding Spell.
6) Breakup Spells
7) Banish a past Lover
8.) You want to be promoted in your office/ Lottery spell
9) want to satisfy your lover (10) Death spell
Contact this great man if you are having any problem for a lasting solution
through drokolosolutioncenter@gmail.com    

 

Hello my name is Belinda i want to share my amazing experience with the greatest spell caster Dr irekenagba. my husband was cheating on me and when i found out we had a fight which lead to him filling for a divorce i cried and fell sick when i was searching about love quotes online i saw people talking about him and his great work whose case was similar to mine they left his contact info i contacted him and he told me not to worry that after 24hrs he will cancel the divorce and be back to me after i did everything he asked me to do to my greatest surprise the next day evening it was my husband he knelt down begging me to accept him back,thank you once again Dr irekenagba you are indeed a blessing to me he can also help you contact him on........
WhatsApp: +2347059630655
email:doctorirekenagba@gmail.com

 

Hello my name is Belinda i want to share my amazing experience with the greatest spell caster Dr irekenagba. my husband was cheating on me and when i found out we had a fight which lead to him filling for a divorce i cried and fell sick when i was searching about love quotes online i saw people talking about him and his great work whose case was similar to mine they left his contact info i contacted him and he told me not to worry that after 24hrs he will cancel the divorce and be back to me after i did everything he asked me to do to my greatest surprise the next day evening it was my husband he knelt down begging me to accept him back,thank you once again Dr irekenagba you are indeed a blessing to me he can also help you contact him on........
WhatsApp: +2347059630655
email:doctorirekenagba@gmail.com

 

HOW DR SUNNY HELP ME TO FIX MY BROKEN MARRIAGE WITHIN 40 HOURS CONTACT DR SUNNY VIA EMAIL:  SOLUTIONCENTRE911@GMAIL.COM

Hello my name is Martha Keith, Am here to testify of a great and powerful spell caster named Dr Sunny, I was so confused and devastated when my Husband left me for another woman. I needed him back desperately because I loved him so much. So I contacted this great love spell caster for help. He helped me cast a return love spell on my husband and just within 40hours my husband came back to me begging for my forgiveness. Dr Sunny released him to know how much I loved and wanted him back. And He also opened his eyes to picture how much love we have shared together. As I am writing this testimony right now I am the happiest woman on earth. I want to recommend this great spell caster to anyone that truly needs an urgent solution to a love break up Email him at {solutioncentre911@gmail.com}   or via his whats-app: +2349056393169 his Also specialize in the following spell below,
1) Love Spells
2) Lost Love Spells
3) Divorce Spells
4) Marriage Spells
5) Binding Spell.
6) Breakup Spells
7) Banish a past Lover
8.) You want to be promoted in your office/ Lottery spell
9) want to satisfy your lover

 

HOW DR SUNNY HELP ME TO FIX MY BROKEN MARRIAGE WITHIN 40 HOURS CONTACT DR SUNNY VIA EMAIL:  SOLUTIONCENTRE911@GMAIL.COM

Hello my name is Martha Keith, Am here to testify of a great and powerful spell caster named Dr Sunny, I was so confused and devastated when my Husband left me for another woman. I needed him back desperately because I loved him so much. So I contacted this great love spell caster for help. He helped me cast a return love spell on my husband and just within 40hours my husband came back to me begging for my forgiveness. Dr Sunny released him to know how much I loved and wanted him back. And He also opened his eyes to picture how much love we have shared together. As I am writing this testimony right now I am the happiest woman on earth. I want to recommend this great spell caster to anyone that truly needs an urgent solution to a love break up Email him at {solutioncentre911@gmail.com}   or via his whats-app: +2349056393169 his Also specialize in the following spell below,
1) Love Spells
2) Lost Love Spells
3) Divorce Spells
4) Marriage Spells
5) Binding Spell.
6) Breakup Spells
7) Banish a past Lover
8.) You want to be promoted in your office/ Lottery spell
9) want to satisfy your lover

 

Hello all,
Why must we be confused by all this online scammers when we all know that there has never been any other oracle apart from the great spell casters called Dr Ajayi Ololo the great oracle and also i my self called Dr kuq ya that is greatest of all, Kuq ya means GREATEST AMONG ALL THE SPELL CASTERS IN THE WORLD. This oracle has been in existence for so many years even before i was born i inherited it from my great grand father. Since we have been existing we have never failed in solving any kind of problem anyone must have been having because we know the spirits that we serve we never lets us down, We perform various sacrifice to this spirits from time to time to make our powerful and doings effective. This temple is out on the internet to tell all of you that is wasting your time and also your hard earned money dealing with all this hungry souls that called themselves spell casters by bring cause to themselves by claiming to be what they are not, We advise you all that you should stop it as it is not right to do such, Because those spell casters that called themselves different names / temples are scammers and this temple is doing all within there reach to bring them to face the law. You will do this greatest oracle good by doing that. They are scammers and all those testimony there are posted by them also and not the people they have help,They are doing all this to get money to feed themselves and there family members. BE WARNED ALL OF YOU THAT NEED HELP FROM SPELL CASTERS, BECAUSE OF YOU ALL WE HAVE DECIDED TO COME ONLINE TO REDUCE AND STOP ALL THIS FAKE SPELL CASTERS, AS WE GOT PERMISSION FROM THE FBI. I have made so many of them online that are spoiling this great temple good work BLIND AND HAS LAID A CAUSE ON SO MANY OF THEM TOO. I am Dr Kuq Ya the messenger to the great oracle called Ya temple. This temple has helped so many people in the world as we know for reliable and durable spell work. In countries like: USA, Canada, UK, Irland, Singapore, India, Germany, Poland, Spain, Nigeria, South Africa and so many more to mention has great testimonies about this great temple. We have helped so many countries get there ANCESTRAL problems solve in recent times. But we are also extending this great offer to those that have any kind of problem, when i mean any kind of problem i mean any problem at all you might be having in this life,Such as getting your lover back,you want to be rich, you feel like using charms on someone to get something you like from him or her or getting your scam many back, wining a lottery and more. KUQ YA IS HERE FOR YOUR SERVICES AND PLEASE STOP DEALING WITH THOSE SO CALLED SPELL CASTERS THAT HAVE REALLY MESSED UP THIS WORK ONLINE. I HAVE NEVER BEEN ONLINE,BUT THE PRESIDENTS OF THE ABOVE COUNTRIES AND MORE CALLED ME ON PHONE AND ALSO PERSONALLY HOLD A MEETING AND THEY ASK ME THE MESSENGER TO START ADVERTING AND TELL ALL ABOUT THIS GREATEST ORACLE THAT IS SO DURABLE, PERFECT AND MARVELOUS TO SCAMMING THAT IS GOING ON ONLINE . I WILL BE ENDING HERE NOW, IF YOU HAVE ANYTHING BOTHERING YOUR MIND AND YOU NEED PERMANENT SOLUTION TO IT WITHOUT ANY SIDE EFFECT OR HARM, KINDLY SEND AN EMAIL TO THE FOLLOWING EMAIL ADDRESS: great.spellcaster@yahoo.com OR reach me on whatsapp via this phone number: +2349024891835. Thanks and may the spirits guide you to read and understand what i said and also we will be awaiting response from you all that have problems that want it solve at once. Have it mind that our spell casting here has no side effect, As it is just to grant you your heart desires without any problem.

 

I am so happy that I made the right decision when I turned to Osasco-Temple, who helped me get my ex back by casting a love spell on him. One of the best decisions I've ever made was to contact Osasco-Temple to help me get my lover back. I was a life full of happiness after contacting Osasco-Temple, because not only did he not bring me his lover, but he also fell in love with himself more unique and excellent. If you need to spice up your relationship with more love and attention, contact Osasco-Temple via email address [ osascotemple@gmail.com ] and be happy, just like me, thanks to Osasco-Temple for your great work.

 

A big thanks to Dr Oselumen i never believe that there still exist a real death spell caster after all this years of disappointment from the enormous spammers on the Internet who go about scamming people, until i was opportune to meet Dr Oselumen a real spell caster, through a close friend called Jennifer who Dr oselumen had helped before, when i contacted him with his email via droselumen@gmail.com i explain how my ex have been giving me problem in my marriage, she never allowed me a moment of peace, and i need to end it by killing her, and i don't want to make use of assassin because it will be risky so i needed to do it in a spiritual way that's why i decided to contact him, he assured me not to worry as i have contacted the right person at the right time, i co-operated with him and in less than a week my ex was dead, she slept and never woke up all thanks to Dr Oselumen indeed he's really a humble man. you can contact dr oselumen for any death spell, such as to kill your superior in the office and take his or her place, death spell to kill your father and inherit his wealth ,death spell to kill anyone who have scammed you in the past ,spell for increase in salaries, spell for promotion at the office, spell to get your ex lover back, if things is not working well in your life then you need to contact him now via Email droselumen@gmail.com call or add him on whatsapp +2348054265852.

 

Are you looking for business loan to refinance your needs then pedro loan offer will be good for you because is genuine and liable to work with on an affordable rate and simple loan terms and conditions, also for any kind of loans you wished to apply with email pedroloanss@gmail.com / Whatsapp text: +1 863 231 0632

 

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