2)restricted meaning of wealth.
3)no mention of man's welfare.
4)no study of means of wealth.
They said that economics is a "dismal science" which teaches mammon worship. Some other people said ironically that Economics, a science of materialism, is just "a science of bread and butter" and it promotes selfishness and greed. They thought that if economics was taught, the science of materialism will take mankind away from spiritualism. Hence, Carlyle even went to the extent of saying that economics is "a pig Philosophy" and therefore it should not be studied.
This criticism is not completely justifiable. It seems to be sentimental and not logical. The reason is that they saw only the negative side of the picture. Everything has its pros and cons. As it is known that wealth is the biggest reality of life and there is no life without wealth particularly food. Wealth itself is not bad. Its use could be good or bad.
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It is study of utilization of available scare resources in order to attain maximum benifits .