Which of the following is demerit of 'Wealth Definition'?

Too much concentration on welfare

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Adam Smith and other classical economists concentrated only on material wealth.

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Ignored wealth

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All of the above

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Solution

The correct option is C Adam Smith and other classical economists concentrated only on material wealth.
Wealth definition only aims at material gains of an individual as well as the nation. The definition ignores human virtues and spiritual values that will benefit the society and will be good for social welfare.

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