Final answer:
Adam Smith is indeed a classical economist and authored the seminal work 'The Wealth of Nations'. Economics, in the context of Smith's work, can't be confined to the science of wealth as it also involves studying the behaviors and interactions within the market, impacting everyone including the 'common man'.
Step-by-step explanation:
Regarding the statements incorrect with reference to Adam Smith's definition:
- a) Adam Smith is a classical economist. This statement is correct. Adam Smith is often referred to as a classical economist due to his significant contributions to the foundation of economic theory.
- b) Wealth of Nations is authored by Adam Smith. This statement is also correct. Adam Smith authored 'An Inquiry into the Nature and Causes of the Wealth of Nations', which is commonly known as The Wealth of Nations.
- c) Economics is the science of wealth. While Smith focused on wealth, his perspective was broader. He was interested in the wealth of nations and how it could be increased through productive economic activity. Therefore, to label economics solely as the science of wealth is to narrow its scope in comparison to Smith's comprehensive analysis.
- d) Economics studies the common man. Adam Smith's work does focus on how economic systems impact individuals and communities. His notion of the 'invisible hand' explains how individuals pursuing their own self-interest can benefit society as a whole. So in a way, economics does study the common man, but it is better to say that economics studies the behaviors of consumers and producers within the market system.