Pioneers of the science of economics defined it as a science of wealth.
Adam Smith who is known as father of economics
in his famous book on economics “An Enquiry into the Nature and Causes of Wealth of Nations”, defined economics as.
“Economics enquires into the causes that determine the wealth of a country and its growth.”
According to J B Say "Economics is a science which deals with wealth.
"According to F A Walker, "Economics is the name of that part of knowledge which relates to wealth."
Critical Evaluation of the wealth definition:
- It ignored immaterial things such as education, health etc outside the definition of wealth and therefore beyond the bounds of economic wealth.
- It ignored many aspects of economics like welfare and social justification.
- They also showed a biased attitude by regarding rights to private property or wealth as natural and moral rights.