Adam Smith defination

Adam Smith defination of economics as a science of wealth.Adam Smith is a classical economist who gave the defination in a sysrematic and scientific way therefore he is recognized as a father of economics.In 1776AD he published a book in title ''An enquari to the nature and causes of wealth of Nation''and gives the defination as a science of wealth.Also this book is known as'' wealth of Nation'' .Accourding to him wealth is everythings as wealth has all round important in human life,all the activities of human are oriented with the earing of wealth.Such man is known as economic man and non economic man is out of the boundary of economics.
J.S.Mill,J.B.Say,David Recardo,T.R.Malthos etc supported this defination.

The main points of the defination are as follows
1Study of wealth
Accourding to Adam Smith's defination of economics,economics is a study of wealth.It deals with the production,consumption,exchange and distribution of wealth.
2 Main goal of human beings is to earn wealth
Accourding to him the main goal of human beings is to earn wealth because it satisfy the human wants and needs.
3 Primary place to wealth
The defination gives primary place to wealth and secondary place to human beings.
4Meaning of wealth
This defination only included material goods and doesn't include to immaterial good such as service etc.
5 Study of economic man
This defination han imagined only those man who are always involved in earing wealth.But does not include those man who are not involving in earing wealth but they are earing wealth.For examples retired persons,persons who are providing services and takking charge.


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