Adam Smith's Definition of Economics, it's features and criticism The classical view: Wealth Definition : The early economists like J.E. Cairnes, J.B.Say, and F.A.Walker have defined economics as a science of wealth. Adam Smith, the father of economics, in his book in 1776, “An Enquiry into the Nature and Causes of Wealth of Nations”, stated that “Economics is the science of wealth.” He defined economics as “A science which enquires into the nature and causes of wealth of nations.” According to him, wealth may be defined as those goods and services which command value-in- exchange [Value-In-Exchange means the amount of money or goods that is actually paid for a product or service.] and economics is concerned with the problems arising from wealth-getting and wealth-using activities of people. Thus, we study, in economics, about consumption, production...
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