Criticisms of Adam Smith defination of economics

Adam Smith defination was the first classical and systematic defination about economics it was popular in one time but when the definatiaon of economics give by Alfred Marshall as a science of material wealfare the defination of Alfred Marshall's was criticized widely.The main criticism of Marshall are as follows

1 Too much imphasis on wealth

This defination gives much more imphasis on wealth rather then the human beings.Wealth is only to fulfill the man wants therefore defination must emphasized in human beings then the study of wealth.
2 Narrow view of wealth
Acourding to this defination wealth included only the material goods and excludes the nonmaterial goods such as service of doctor,teacher,lawyer etc.But the service can also fulfill the human wants so that service has also inclued in this defination.
3 Concept of economic man wrong
This defination is based on the unrealistic concept of economics man but no man can limited with the earing of wealth.He can also involve in diffferent sections but this defination does not included such persons.
4 Ignored human wealfare
This defination doesn't gives more important to human wealfare.This defination only gives the important to the accomulation of wealth.It should also pay more attention to the aspect of human wealfare.




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