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Business
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18 / 4879 |
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The first scientific appraoch to the subject was inaugurated by Aristotle, whose influence is still recognised today by The Austrian School, among others. Adam Smith, author of the seminal work The Wealth of Nations and regarded by some as the "father of modern economics," defines economics simply as "The science of wealth...
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This definition divided Smith and Hume from previous definitions which defined wealth as gold. Hume argued that gold without increased activity simply serves to raise prices.[citation needed]John Stuart Mill defined economics as "The practical science of production and distribution of wealth";[citation needed] this definition was adopted by the Concise Oxford English Dictionary...
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