Till recently Economics was regarded as a branch of the general science of the State, as is shown by its older name, Political Economy, as it was called formerly. Adam Smith, the father of classical economics, says in his famous book, The Wealth of Nations, that it deals with two objects: -(i) to provide sufficient revenue or substance for the people, and (ii) to supply the State with a revenue sufficient for public service. Political Economy, he said, proposes to enrich the people and the sovereign.’<\/p>