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Sat Mar 16, 2013, 12:19 PM

 

What is wealth?

I know that Adam Smith said that wealth is, "the annual produce of the land and labour of the society." So if wealth is the "produce" then according to Smith it is material. So theoretically all the wealth in the world should be represented by material. I doubt this is true. I believe the wealth of the world is highly inflated. If so to what advantage. Sorry, it's early and I am just rambling.

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Arrow 9 replies Author Time Post
Reply What is wealth? (Original post)
rhett o rick Mar 2013 OP
malthaussen Mar 2013 #1
rhett o rick Mar 2013 #2
Tuesday Afternoon Mar 2013 #3
discntnt_irny_srcsm Mar 2013 #5
Tuesday Afternoon Mar 2013 #6
discntnt_irny_srcsm Mar 2013 #7
Tuesday Afternoon Mar 2013 #8
discntnt_irny_srcsm Mar 2013 #9
discntnt_irny_srcsm Mar 2013 #4

Response to rhett o rick (Original post)

Sat Mar 16, 2013, 12:50 PM

1. Of course Smith was speaking of material wealth to start with.

Since the value of a thing is what it will bring, the world's wealth can't be inflated. However, neither can it be constant. Who benefits from fluctuations in "wealth?" Mostly those who can increase their wealth through such fluctuations.

-- Mal

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Response to malthaussen (Reply #1)

Sat Mar 16, 2013, 05:15 PM

2. What makes wealth fluctate? When commodities traders bid the "value" of something

 

up, isnt that fake wealth?

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Response to rhett o rick (Original post)

Sat Mar 16, 2013, 06:48 PM

3. to me -

wealth is the feeling of being comfortable in my own skin, finally.

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Response to Tuesday Afternoon (Reply #3)

Sat Mar 16, 2013, 08:54 PM

5. By "comfortable in my own skin"...

...do you mean physical appearance?

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Response to discntnt_irny_srcsm (Reply #5)

Sat Mar 16, 2013, 09:06 PM

6. it is that and more. I am comfortable with who I am and my surroundings. I am at peace and do not

feel the need to impress any one ...

I am wealthy. I am happy, peaceful and content.

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Response to Tuesday Afternoon (Reply #6)

Sat Mar 16, 2013, 09:28 PM

7. That's a good thing.

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Response to discntnt_irny_srcsm (Reply #7)

Sat Mar 16, 2013, 09:39 PM

8. I think so. With that and, my good health I feel like I am very wealthy.

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Response to Tuesday Afternoon (Reply #8)

Sat Mar 16, 2013, 10:08 PM

9. You are indeed.

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Response to rhett o rick (Original post)

Sat Mar 16, 2013, 08:52 PM

4. Wealth is...

...the ability to be happy.

In Economics I was taught that the fundamental problem is satisfying unlimited needs and wants with limited means. Satisfaction yields happiness and want yields sadness. Basically, wealth is as much about learning to be happy with what your means can afford as it is about trying to improve your means.

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