Difference between adam Smith economic definition and alfred's Marshall
Answers
The main difference between Adam Smith's definition of wealth and Alfred Marshall's definition of welfare is that Adam Smith's definition emphasized only on wealth but Alfred Marshall's definition emphasized on both the wealth and humanity.
Adam Smith's definition said that "Economics is a study of wealth" as well as Alfred Marshall's definition goes by "Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of material requisites of well-being".
Another difference between the two economists was that Smith's definition talked of specializations and division of labor whereas Marshall focused more on the decision of individuals, supply and demand.