Otherwise, land and even livestock can be used to measure and evaluate wealth. Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. Wealth was considered to be end in itself. It includes every relationship which established among the people. Anyone who has accumulated a large quantity of net worth can be considered wealthy, but most people think of this term in more of a relative sense. Wealth is the abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions. Money is the currency of economic wealth. This in turn permits the convenient use of net worth as a measure of wealth. Adam Smith has published his famous book entitled  ‘An Inquiry into the Nature and Causes of Wealth of Nation’ in 1776 A.D. There can be more than one community in a society. Financially, net worth is the most common expression of wealth. Definitions of Economics . Definitions and measures of wealth have been different over time among societies. Research has consistently shown that people's perception of their own wellbeing and happiness depends much more on their estimates of wealth relative to other people than on absolute wealth. The pioneers of the science of economics defined economics as the science of wealth. Wealth definition of economics By Jasiruddin . satisfaction or utility obtained from physical goods or materials goods rather than human welfare. together. The wealth definition of economics has been further explained using: Source of Wealth and Study of Economic-man; The wealth definition of economics given by Adam Smith was strongly criticized on several grounds by famous economists by famous economists like Carlyle, Ruskin and Marshall. According to Alfred Marshall, economics is a normative science. Measuring wealth in terms of money is an example of money's function as a unit of account. Accordingly to him … The term may also be used more broadly as referring to the productive capacity of a society or as a contrast to poverty. Economics is the study of the production, distribution, and consumption of wealth in human society, but this perspective is only one among many different definitions. Therefore, in the view of Robbins, this definition is classificatory in nature rather than analytical in nature. Study of wealth: This definition regards economics as the study of wealth, its production, consumption, exchange and distribution. The criticisms of Adam Smith’s definition are: Stay connected with Kullabs. Some of the important definitions of economics are those of leading economists like Adam Smith, Alfred Marshall, Lionel Robbins and Samuelson. Wealth is usually a measure of net worth; that is, it is a measure of how much a person has in savings, investments, real estate and cash, less any debts. It does not study the isolated person not belonging to the society such as beggars, sages, hermits, monks, saints, etc. In a purely material sense, wealth consists of all the real resources under one's control. The wealth definition has over emphasized on wealth rather than human beings. Dr. Alfred Marshall (Born. ! It increases the productivity and distribution of the goods. On the other hand, same commodities such as harmful drugs, tobacco and alcohol are harmful to other non-smokers because they cannot promote their welfare in any form. According to Alfred Marshall, economics studies those human lives in the society. So, he is known as the father of economics. Net worth is the most common measure of wealth. Of interrelated economic production and consumption of wealth his lifelong professional experience to few words of wisdom ; does! 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