Meaning: The quote you provided is from Nassau William Senior, an influential British economist and government adviser during the 19th century. In the quote, Senior addresses a common criticism directed at political economists, namely that they focus exclusively on the study of wealth while neglecting other important aspects of human life such as happiness and virtue.

To put this quote in context, it's important to understand the historical and intellectual background of political economy during Senior's time. The discipline of political economy, which later evolved into what we now call economics, emerged in the 18th century as a response to the changing economic and social landscape brought about by the Industrial Revolution. Scholars and thinkers of the time sought to understand the principles governing the production, distribution, and consumption of goods and services within societies.

One of the key figures in the development of political economy was Adam Smith, whose seminal work "The Wealth of Nations" (1776) laid the foundation for the study of economics as a separate and distinct field of inquiry. Smith's focus on the role of self-interest, competition, and the invisible hand of the market in promoting economic growth and prosperity set the tone for much of the early discourse in political economy.

However, as the discipline evolved, there were criticisms that political economists were overly preoccupied with material wealth and economic growth to the exclusion of other important human values. This criticism is captured in Senior's quote, where he acknowledges the accusation that political economists "confine their attention to Wealth, and disregard all consideration of Happiness or Virtue."

Senior's own work reflected a broader understanding of the social and moral dimensions of economic life. In his writings, he grappled with questions of distributive justice, the impact of economic policies on different social classes, and the ethical responsibilities of policymakers. He was also concerned with the well-being of the laboring classes and the potential social consequences of unchecked economic inequality.

In response to the criticism outlined in the quote, it's worth noting that the field of economics has evolved considerably since Senior's time. While the study of wealth and material well-being remains a central focus of the discipline, modern economics has expanded to incorporate a broader array of concerns, including issues related to human development, well-being, and sustainability.

Contemporary economists draw on insights from fields such as psychology, sociology, and ethics to enrich their understanding of human behavior and decision-making within economic contexts. This interdisciplinary approach has led to the development of subfields such as behavioral economics, which examines the psychological factors that influence economic choices, and development economics, which focuses on improving the living standards of people in low-income countries.

Furthermore, the concept of "happiness" has gained traction as a subject of study within economics. Scholars and policymakers have sought to measure and understand the factors that contribute to individual and societal well-being, recognizing that material wealth alone does not capture the full range of human aspirations and experiences. This has led to the development of indices such as the World Happiness Report, which ranks countries based on various indicators of well-being.

In summary, Senior's quote reflects a historical critique of early political economists for their perceived neglect of non-material aspects of human life. While this criticism has merit within its historical context, it's important to recognize that the field of economics has evolved to encompass a broader set of concerns, including the promotion of human happiness and virtue alongside the study of wealth and prosperity.