Question

what are the criticism about wealth definition of economics?​

Answer 1

As Adam Smith declared economics as a Science of Wealth. Some economists of 19th Century criticized this definition. Firstly Carlyle and Ruskin declared it a “dismal and a pig science” which teaches selfishness.

Answer 2

In Adam Smith's wealth-oriented definition the meaning of wealth is restricted. Only material goods were considered as wealth. Non-material goods like services of doctors, lawyers and teachers were not considered as wealth. This restricted meaning of wealth has restricted the scope of study of economics.