Economy, asked by shreya7938, 1 month ago

write three defects of the definition of wealth?

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Answered by AnjanaUmmareddy

8

Answer:

"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."

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