Description
Adam Smith the forefather of the economists regarded Economics as a science which studies the process of production, Consumption, distribution and exchange of wealth. According to him, Economics inquires into the factors those determine wealth of a country and its growth. The definition of Economics as science of Wealth cased a great deal of confusion and misunderstanding in 17th & 18th centuries. Actually at that time religion and ethics had a strong hold. Wealthy and riches were looked upon as sordid and mean objects. Since science of Economics was defined as a science of wealth, therefore it was several criticized by men of letters of the 19th century, like Ruskin, Carlyle and Mathew Arnold.
