Answer the following questions in about 40 lines each :
Examine the wealth and welfare definitions of economics.
Answers
Answer:
Explanation:
“Economics is concerned with an enquiry into the nature and causes of wealth of nations, and it is related to the laws of production, exchange, distribution and consumption of wealth.” The central point of his definition is ‘wealth.
This definition further explored that the wealth of a nation included only material goods, non-material goods were not included.
Adam Smith in his definition gave too much importance to the creation of wealth in an economy. Many economists believed that economic success of any nation depended only on the accumulation of wealth.
Wealth definition of Adam Smith was criticized on the following grounds:
Materialistic Concept: This definition laid too much emphasis on wealth and did not consider human welfare.
Stressed on the concept of Economic Man: This definition is based on the concept of Economic man that emphasised the main motive of a man is to acquire wealth. However, other motivations of a man like feeling affection, emotions etc. are neglected.
Ambiguous: the definition of wealth is not very clear. In earlier days, wealth included only material goods such as money, gold, silver, land, sugar, tea and ghee which are visible. Non-material goods were not included. Hence, non-material goods such as services of teachers, doctors and engineers are not considered „wealth‟ under this definition.
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Answer:
Explanation:
This chapter summarizes what is known about the economics of the aged. In doing so, our goals are to review the relevant literature and to identify valuable new directions for research into the economic status of the aged in the United States. Our discussion is organized around several themes:
1.
the wide diversity in economic status among the U.S. aged compared to the aged in other nations;
2.
the recent trends in the economic status of the aged and their sustainability in the foreseeable future;
3.
the role of intergenerational transfers in affecting the welfare of the aged; and
4.
the data needs for studying the aged, including the potential of the new Health and Retirement Survey (HRS) and Assets and Health Dynamics (AHEAD) survey, which are in their initial stages.
Our discussion of several topics is limited by the constraints of space and data. In particular, housing choice and mobility, the separate identification of period or cohort effects on the economic status of the aged, and the baby boom's retirement prospects are given less space than their importance might suggest.1 Predicting the economic status of the aged at the turn of the century is, in our opinion, a speculative venture; forecasting the economic status of the aged well into the next century is even worse (Smeeding, 1991; Palmer, 1988). In fact, the data resources needed to make such judgments as these are just now beginning to be collected and analyzed.
This chapter is divided into four substantive parts. The next three sections deal with income (and consumption) and poverty, wealth, and intergenerational economic relations, respectively. In the final section we turn to the implications of our results for additional research and data needs in this area.