Explain the wealth related definitions and write their criticism.
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(i) Restricted Meaning of Wealth: In Adam Smith's wealth-oriented definition the meaning of wealth is restricted. Only material goods were considered as wealth. ... Therefore, some economist severely condemned Adam Smith wealth definition which gives too much importance on wealth and completely ignored human welfare.19-Oct-2018
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(i) Restricted Meaning of Wealth: In Adam Smith's wealth-oriented definition the meaning of wealth is restricted. Only material goods were considered as wealth. ... Therefore, some economist severely condemned Adam Smith wealth definition which gives too much importance on wealth and completely ignored human welfare.
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