Do you think that Economics is a science of wealth?-Explain.
Posted by Ripon Abu Hasnat on Tuesday, May 27, 2014 | 0 comments
Some earlier economists defined Economics as follows:
According to Adam Smith- “Economics is an inquiry into the
nature and causes of the wealth of the nations.’’
According to J.B. Say-“Economics is a science which deals
with wealth"
In the above definition wealth becomes the main focus of the study
of Economics. The definition of Economics, as science of wealth, had some
merits. The important ones are:
(i) It highlighted an important problem faced by each and every
nation of the world, namely creation of wealth.
(ii) Since the problems of poverty, unemployment etc. can be
solved to a greater extent when wealth is produced and is distributed
equitably; it goes to the credit of Adam Smith and his followers to have
addressed to the problems of economic growth and increase in the production of
wealth.
The study of Economics as a 'Science of Wealth' has been
criticized on several grounds. The main criticisms leveled against this
definition are;
(i) Adam Smith and other classical economists concentrated only on
material wealth. They totally ignored creation of immaterial wealth like
services of doctors, chartered accountants etc.
(ii) The advocates of Economics as 'science of wealth'
concentrated too much on the production of wealth and ignored social welfare.
This makes their definition incomplete and inadequate. So it is very critical
to say that economics is a science of wealth or not.
You can subscribe by e-mail to receive news updates and breaking stories.
0 comments for "Do you think that Economics is a science of wealth?-Explain."
Leave a reply