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What is the main weakness of the wealth definition of economics?

What type of mankind is studied by economics according to Marshall?

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Final answer:

Wealth definition in classical economics and the focus of economics according to Marshall and Adam Smith.


Explanation:

Wealth in classical liberal theory is defined as the tangible goods and resources that individuals or nations possess, encompassing items produced by human labor that hold value.

According to Marshall, economics studies the real actions of real individuals with all their imperfections and limitations, focusing on how people make choices and interact within the economic system.

Adam Smith argued that individuals pursuing their self-interest in a market economy inadvertently contribute to the overall welfare of society, as each person striving for personal gain inadvertently helps in creating prosperity for the whole society.


Learn more about definition of wealth in economics here:

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