Professor Adam Smith in the book (An Enquiry into the Nature of Wealth of Nations) published in 1776, considered economics as a science of wealth. All the classical economists believed that the ultimate purpose of human economic activity was to earn wealth. Due to giving more emphasis on the study of wealth, many delusional ideas have arisen in respect to economics. It came to be understood that economics tells man to be excessively attracted towards ‘money’, but in the beginning of the 19th century itself, some economists started saying that money is only a means for betterment of human life.

Professor Robbins called economics a human Science. It tells us how to use the limited resources in the best way. By keeping in mind the desires of humans. The science of wealth was an initial ideology of economics, but with the change of time, the definition of economics also changed. Now it started to be considered a human science To meet the requirements, the resources (time and money) are limited to humans. Humans have to choose among the needs in such a situation, which shows the study of human beings. To meet the unlimited needs of human beings, economics is just about coordinating with limited resources. So, with the change of time, economics became a ‘study of humans’ rather than ‘science of wealth’.