32+ Economics Is The Science Of Wealth Paribhasha Hai Background. Economics as a science although the content and character of economics cannot be described briefly, numerous writers have during much of modern history, especially in the nineteenth century, economics was called simply «the science of wealth.» There is no one definition of economics which has a general acceptance.

Economics is the study of how society decides what, how, and for whom to produce.

Economics as a science although the content and character of economics cannot be described briefly, numerous writers have during much of modern history, especially in the nineteenth century, economics was called simply «the science of wealth.» Economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth. Lionel robbins in the 1930s described economics as «the science of choice among scarce means to accomplish unlimited ends» during much of modern history, especially in the nineteenth century, economics was called simply «the science of wealth. The central focus of economics is on the scarcity.