‘An Inquiry into the Nature and Causes of the Wealth of Nations’ or most popularly known as ‘Wealth of Nations’ published in 1776 (justifiably coincided with the pioneering days of industrial revolution). His emphasis on wealth as a subject-matter of economics is implicit in his great book. ![]() As a science of wealth, it studies the process of production, consumption and accumulation of wealth of a nation. Pioneers of the science of economics like Adam Smith and his followers defined economics as the ‘science of wealth’. The word implies a set of interdependent. Over the passage of time, the focus of attention has been changed. Oikos is the Greek root for the whole house and is used in relationships to the household, house, or family. Since then, the subject has metamorphosed a lot and no longer this Greek or Latin and even Smithian definition serves our purpose. Economics, as a study of wealth, received great support from the ‘father of economics’ Adam Smith in the last quarter of the 18th century. What was the study of household management to Greek philosophers like Aristotle (384-322 B.C.) was the ‘study of wealth’ to the mercantilists in Europe between the sixteenth and eighteenth centuries. ![]() It may be argued that the subject ‘economics’ was first studied in ancient Greece. This Latin word not only involves household management but also management in general. The Latin word ‘oeconomia’ has similar meaning. The traditional meaning of economics or the Greek word ‘oikonomike’ is household management. Correct option b oikos + logosExplanation :The term ecology was coined by combining two Greek words oikos meaning house or dwelling place and logos meaning. The English word ‘economics’ is derived from the Greek word ‘oikos’ meaning ‘house’ and ‘nomos’ meaning ‘the law and order of the stars’.
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