Question

Critically explain the wealth definition

Answer 1

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.

 

Answer 2

Explanation:

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