Critically explain Adam Smith’s definition of economics (wealth definition or classical definition). |
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| Ans : Adam smith was the first economist to present systematic analysis. Therefore, he is known as ‘father of economics’ and the leader of classical economics. The definition of economics in term of wealth was given by Adam Smith (1723-1790), a citizen of Scotland. He published his famous book “An Enquiry into the Nature and causes of wealth of Nation” in 1776 AD which is popularly known as ‘Wealth of Nation’.
According to Adam smith,” Economics is the science of wealth”. It means economics is the study of the activity of people in world in the production of wealth. It teaches about ways and means of increasing the wealth of nation. Many earlier economist like J.B say (France), J.S Mill (England), F,A Walker (America) support the view of Adam smith define economics as study of wealth.
According to J.B say,” Economics is the body of knowledge which relates with wealth.”
According to J.S Mill,” Economics is the practical science of production and distribution of wealth.”
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