Critically explain the Adam Smith wealth definition?
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I don’t even know

Wealth definition of Adam Smith was criticised on the following grounds:

Materialistic Concept: This definition laid too much emphasis on wealth and did not consider human welfare.

Stressed on the concept of Economic Man: This definition is based on the concept of Economic man that emphasised the main motive of a man is to acquire wealth. However, other motivations of a man like feeling affection, emotions etc. are neglected.

Ambiguous: the definition of wealth is not very clear. In earlier days, wealth included only material goods such as money, gold, silver, land, sugar, tea and ghee which are visible. Non-material goods were not included. Hence, non-material goods such as services of teachers, doctors and engineers are not considered ‘wealth’ under this definition.

The correct answer is step.