Question

why economics is called science of wealth?​

Answer 1

Answer:

There is no one definition of Economics which has a general acceptance. The formal roots of the scientific framework of economics can be traced back to classical economists. The pioneers of the science of economics defined economics as the science of wealth.

Adam Smith (1723 -1790), the founder of economics, described it as a body of knowledge which relates to wealth. Accordingly to him if a nation has larger amount of wealth, it can help in achieving its betterment. He defined economics as:

“The study of nature and causes of generating of wealth of a nation”.

Hope it'z helpful.....