Question

The author of wealth definition is :
(a) Alfred Marshall
(b) Lionel Robbins
(c) Adam Smith
(d) Samuelson

Answer 1

c) Adam Smith.

The father of Political Economy , Adam Smith, is the author of the critically acclaimed book "Wealth of nations" published in the year 1776.

The definition of Wealth given by Adam Smith is very different from the common sensical understanding of wealth, which , almost always, equals to money.

According to Adam Smith, Wealth can be reffered to any commodity which is scare in nature, not available easily, and has monetary value .