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Class : 11
Unit : Economics

What are the Criticisms of Wealth Definition.

Ans : The wealth definition of economics has been strongly criticized by several economics like John Ruskin, Thomas Carlyle, Willow Morris and Marshall. They have criticized it as “science of bread and butter”, “The gospel of Mammon” and Dismal science.” The main criticisms are describe below:- i) Narrow definition:- This definition has given a very narrow meaning of wealth because it has included only tangible goods or materials goods. Only material goods were considered as wealth. Non-materials goods like services of doctors, teachers etc. were not considered as wealth. ii) Too much importance to wealth:- Adam smith gave more importance to wealth than human beings. He had given first place for wealth and second place for human beings. However, critics pointed out that wealth is for human beings and human beings are not for wealth. iii) No human welfare:- This definition gave no important to welfare of the society. According to Marshall, the main aim of economics is to increase the welfare of human beings not to obtain wealth only. iv) Unrealistic concept of economics man:- According to Adam smith, “Economic man is one who is involved in earning wealth and this economic man is only the subject matter of economic. But no man can be limited only with earning wealth. Because man is equally influenced by moral and spiritual through like love, self-esteem, sympathy, friend rather than wealth in their life.
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