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Question
“Economics is the science of wealth”. Who gave this definition?
Options
Marshall
Robbins
Adam Smith
JK Mehta
MCQ
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Solution
Adam Smith
Explanation:
The definition “Economics is the science of wealth” was given by Adam Smith. He viewed economics primarily as the study of wealth, focusing on material goods and the causes of wealth accumulation. However, this definition has been criticized for emphasizing wealth over human welfare.
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