Economics Adam Smith (13)

The criticism of the wealth definition of economics is not however fully justified. The fact remains that the problem of distribution of income and wealth comes only after they have been created. An economy should first aim at increasing its capacity to produce more of goods and services, since without them only poverty can be distributed
and not riches. It is for this reason that a major portion of even modern day economics is devoted to the study of production, capital formation, growth and employment.