Question

"economics is the science of wealth". critically examine this statement​

Answer 1

Answer:

Pioneers of the science of economics defined it as a science of wealth. Adam Smith, who is known as father of economics, named his famous book on economics as An Enquiry into the Nature and Causes of the Wealth of Nations. He defines economics as science of natural wealth.The definition of economics as the science of wealth has been supported by classical economists such as: F.A. Walker, J. B. Say, J.S. Mill and David Ricardo.

Answer 2

It is indeed said to be the science of wealth as it determines the prosperity of a nation.

• The definition was given by the economist  Adam Smith.
• Economics investigates the variables that influence a country's wealth and prosperity. Adam Smith examines the elements that influence the amount of production's increase.
• In Economics, the term "wealth" has a specific connotation. In everyday English, we think of wealth as money, but in economics, wealth refers to the things that satisfy human desires.