Four definitions, each referring to particular stage of the growth of the subject of Economics, are presented here. They are: 01. Smith’s Wealth Definition,representing the Classical era; 02. Marshall’s Welfare Definition,representing the Neo-Classical era; 03. Robbins’ Scarcity Definition,representing the New Age; and, 04. Samuelson’s Growth Definition, representing the Modern Age. Wealth Definition: Adam Smith Adam […]
