Features and Criticism of Economics as a Science of wealth
Economics is considered as science of wealth as it is a study of the factors which are responsible for wealth generation. Thus in Economics we study a body of knowledge which relates to wealth. Economics as a science of wealth Economist Adam Smith, J. B. Say, John Mill, F. A. Walker and Riccardo. Adam Smith is known as a Father of Modern Economics and 1776, he has written a book called “An Enquiry into Nature and causes of wealth of Nation”.
Features of Economics as a Science of wealth has following features
- Nature of wealth: Economics study only material goods which we can see or touch. It does not include and free goods.
- causes of wealth: Economics study how to increase wealth by a) making production on large scale after saving and b) extending market in order to increase the demand.
- Economic man: Economics study a man who is aware of his self interest and try to satisfy his selfish ends.
Criticism of Economics as a Science of wealth:
Criticism of Economics as a science of wealth is given by Alfred Marshall. According to him wealth is important but more important is human welfare. Wealth is for man not man is for wealth.
Lionel Robbins criticized on the ground that economics used only material goods but in real life it also uses immaterial goods like services of teachers, doctors are also responsible for the growth of the Nation.
Moreover economics is not only a study of economic man rather it’s a study of social man who keep social welfare in his mind.
These are the features and criticism of economics as science of wealth.