The Science of Wealth
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Definition and Explanation of Economics. Theory of Consumer Behavior.
Indifference Curve Analysis of Consumer's Equilibrium. Equilibrium of Demand and Supply. Price and output Determination Under Perfect Competition. Price and Output Determination Under Monopoly. Principles and Theories of Macro Economics.
The Science of Wealth by Wallace D. Wattles
National Income and Its Measurement. By studying the laws of production exchange and distribution of wealth—useful goods or commodities, economics makes an important contribution to the promotion of social welfare. As a matter of fact, it goes to the credit of Adam Smith and Ricardo that they addressed themselves to the vital problem of economic growth that brings about increase in the wealth or the production of goods.
As is well-known, the main problem which confronts the developing countries like India is how to initiate and accelerate economic growth in their economies. However, most of the classical economists including Adam Smith, Ricardo and Malthus restricted its meaning exclusively to the material goods.
That is, by wealth they generally meant material wealth. It must be remembered, however, that issue was not between materialistic economics preaching the accumulation of material goods and spiritual economics advocating higher values of life and spiritual desires of man.
In other words, the classical economics was concerned with material wealth because it was easier to measure it accurately. Malthus, a renowned classical economist, makes it clear as to why only material goods are regarded as wealth. But in our view this does not truly reflect the views of Adam Smith.
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Adam Smith drew distinction between productive labour and unproductive labour. Thus Adam Smith seems to think that economics was concerned with material wealth because it was the result of productive labour, the study of immaterial wealth i.
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It is this viewpoint of not recognising immaterial services as the subject of study in economics that has been rightly criticised by L. According to Robbins, things which satisfy the wants of the people and are scarce in relation to the wants and therefore involve the problem of choice are worth studying in economics irrespective of whether they are material or immaterial.
The economic aspects of these services, that are how to use them so as to attain maximum social welfare and how their prices are determined come under the purview of economics.
After reading this book you'll be the one with an edge. It's time to stop wondering what it's like to be rich and start knowing.
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Why Economics is Considered as Science of Wealth?
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