Essay on Wealth: Characteristics and Criticism

Adam Smith, father of Economics and founder of classical school of

economics, in his famous book, “An Enquiry into the Nature and
Causes of Wealth of Nations,” defined Economics as “the science of
wealth”. According to him, “Economics is concerned with an enquiry
into the nature and cause of wealth of nations, and it related to the
laws of production, exchange, distribution and consumption of
wealth”.

J.B.Say : “Economics is the science which treats of wealth”

J.S.Mill: “Economics investigates the nature of wealth and
laws of its production and distribution”
Walker: “Economics is the body of knowledge that relates to wealth”
Senior: “The subject of political economy is not happiness but
wealth”

Characteristics of Wealth:

(i) Study of Wealth: According to wealth definitions, economics is

the study of wealth. Hence, it deals with production, consumption,
exchange and distribution.
(ii) Only Material Commodities: This definition expresses the
feelings that economics constitutes only material commodities while
it ignores non-material goods as sunlight, rain water, sea water etc.
(iii) Causes of Wealth: Economics is considered as study of causes
of wealth accumulation which brings economic development. Hence,
wealth can only increased with the increase in the production of only
material goods.
(iv) Huge stress on Wealth: The main aim of an economy is to
become rich. Hence, it gives more stress on wealth not anything else.
(v) Economic Man: Wealth definition is based on the man, who is
always ‘self-centered’ and ‘self-interested’ in nature. Self-interest
leads to material gains. Thus, such a man is known as Economic Man.