Wealth of Nation:
Adam Smith wrote a book in 1776 whose title was "Wealth of nations".In this book he discussed the word "wealth" through its four aspects,
1)Distribution of Wealth
4)Consumption of Wealth
Criticism on Adam Smith's Definition of Economics:
Two literary figures, Carlyle and Ruskin, were the maincritics on Economics.They raised hue and cry against it.They said that Economics is a "di
smal science".It is just he science of "bread and butter".
Evaluation of Criticism:
The criticism was not completely justifiable. It seems to be sentimental and not logical.The reason was that they saw the negative side of picture.Wealth itself is not bad.Its use could be good or bad.
This information is taken from the book of Economics written by Abdul Haleem Khawja.
Adam Smith wrote a book in 1776 whose title was "Wealth of nations".In this book he discussed the word "wealth" through its four aspects,
1)Distribution of Wealth
2)Production of Wealth
3)Exchange of Wealth
4)Consumption of Wealth
Criticism on Adam Smith's Definition of Economics:
Two literary figures, Carlyle and Ruskin, were the maincritics on Economics.They raised hue and cry against it.They said that Economics is a "di
smal science".It is just he science of "bread and butter".Evaluation of Criticism:
The criticism was not completely justifiable. It seems to be sentimental and not logical.The reason was that they saw the negative side of picture.Wealth itself is not bad.Its use could be good or bad.
This information is taken from the book of Economics written by Abdul Haleem Khawja.
No comments:
Post a Comment