Download Economics Is A Science Of Wealth Explain Background. The pioneers of the science of adam smith in his famous book, an enquiry into the nature and causes of the wealth of nations emphasized the production and expansion of wealth as. The formal roots of the scientific framework of economics can be traced back to classical economists.

Social science helps to explain how a society functions and is an umbrella term that incorporates several fields of study, including economics.

Economy is the oldest of social sciences. Predicting the wealth of a nation or the world is no easier. Economics as a science although the content and character of economics cannot be described briefly, numerous writers have attempted that. Thus, according to marshall, wealth is only a secondary thing, it is man and his ordinary business of life which is the primary object of economic study.