WEALTH DEFNITION by ADAM SMITH

• ADAM SMITH 
• 18th century Economist
• scottish
• father of political economy
• father of economics
• BOOK: An inquiry into the nature and causes of wealth of nation(1776)

ordinary sense, wealth we mean money but in economic sense wealth is something possess value

eg; Goods or services

    Adam smith define economics is the study of wealth, where economics as the study about consumption production, exchange and distribution of wealth.

criticism

• social scientist like RUSKIN and CARLYLE observed economics as a dismal science or dark science where they observed it is all about money. they concluded economics taught men and women how to earn or make money. 
• they called SELFISH SCIENCE it emphasized means to get rich.

but it is not true where wealth doesn't refer money but it refer scarce goods which satisfy wants.

• over emphasis on wealth while neglecting all other major components like mankind.