Question

Economic is the science of wealth critically examine this statement

Answer 1

Answer:

Adam Smith emphasised the production and expansion of wealth as the subject matter of economics. However, Ricardo shifted the emphasis from the production of wealth to the distribution of wealth. Ricardo writes: ... Besides Adam Smith and Ricardo, other classical economists too regarded economics as study of wealth.

Answer 2

Answer:

Thus, Adam Smith emphasised the production and expansion of wealth as the subject matter of economics. However, Ricardo shifted the emphasis from the production of wealth to the distribution of wealth. Ricardo writes: ... Besides Adam Smith and Ricardo, other classical economists too regarded economics as study of wealth.