Wealth, Welfare And Scarcity Definition

Wealth Definition:

Wealth definition is also called classical definition and it was given by Adam Smith and his followers. He is universally regarded as the father of economics. In is most celebrated book. "Wealth of Nations" published in 1776 Smith defines economics"as a since of Wealth". That to say, it is an inquiry into the nature and cause of wealth of nations. According to Adam Smith acquisition of wealth is the main aim of human activity. Hence it is necessary and important to study how wealth is produce and consumed.

Welfare Definition: 

Welfare definition of economics was given by such well-known economics as Alfred Marshall and others thes economics belongs to Noe-classical definition. In their definitions these economics shifted the emphasis of economics from wealth to welfare. That is why it is called welfare definition of economics.

Scarcity Definition: 

Marshall's definition of economics was popular for nearly four decades. But Lionel Robbins who published his famous book "The Nature and Significance Of Economics Science" in 1932 has not only criticized welfare definitions of Marshall but also has given his own definition. His definition is popularly known as scarcity definition of economics.