how does wealth definition of economics differ from welfare definition of economics?
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Welfare definition of economics. ... This definition expands the field of economic science to a larger study of humanity. Specifically, Marshall's view is that economics studies all the actions that people take in order to achieve economic welfare. In the words of Marshall, "man earns money to get material welfare
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The wealth definition refers to the wealth that is used by man for the process of satisfying his wants. Economic welfare on the other hand refers to the welfare of the people and the resources, income and goods that affect their living in the economy
Explanation:
Wealth definition
- Wealth definition was propounded by Adam Smith and he believed that the economics is a science which related to wealth
- Wealth includes all goods in the economy which have a certain value to them which are produced and consumed
- People use wealth for satisfaction of their wants and that is the concept of total wealth.
Welfare definition
- Welfare definition was propounded by Alfred Marshall and he studied the relationship between wealth and people living in the economy
- It refers to the capacity of earning of an individual and his capacity to spend that money for buying goods and services
- It is the study of materialistic aspect of money which is spent by an individual for his welfare in normal conditions
To know more about Adam Smith
Adam smith's contributions to economics
https://brainly.in/question/4323005
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