Unsourced material may be challenged and removed. Wealth war and wisdom pdf individual, community, region or country that possesses an abundance of such possessions or resources to the benefit of the common good is known as wealthy. At the most general level, economists may define wealth as “anything of value” that captures both the subjective nature of the idea and the idea that it is not a fixed or static concept.
Various definitions and concepts of wealth have been asserted by various individuals and in different contexts. Human capital is the population’s education and skills. An individual who is considered wealthy, affluent, or rich is someone who has accumulated substantial wealth relative to others in their society or reference group. Wealth provides a type of individual safety net of protection against an unforeseen decline in one’s living standard in the event of job loss or other emergency and can be transformed into home ownership, business ownership, or even a college education.
Wealth has been defined as a collection of things limited in supply, transferable, and useful in satisfying human desires. Scarcity is a fundamental factor for wealth. When a valuable or desirable commodity is in scarce supply, the owner of the commodity will possess great potential for wealth. The opposite of wealth is destitution.
The concept of wealth is relative and not only varies between societies, but varies between different sections or regions in the same society. 10,000 in most parts of the United States would certainly not place a person among the wealthiest citizens of that locale. Concepts of wealth also vary across time. Machines replaced some workers while other workers became more specialized. 100 trillion and Switzerland’s USD 0. 2 billion poorest people in the world combined, since a small child has no debt. In Western civilization, wealth is connected with a quantitative type of thought, invented in the ancient Greek “revolution of rationality”, involving for instance the quantitative analysis of nature, the rationalization of warfare, and measurement in economics.
The invention of coined money and banking was particularly important. In that way, money also enables a new type of economic society and the definition of wealth in measurable quantities. In the Roman Empire, just as in modern colonialism, the main force behind the conquest of countries was the exploitation and accumulation of wealth in quantitative values like gold and money. Der eigentliche Zweck alles Reichtums ist vergessen!
The real purpose of all wealth has been forgotten! Economic terminology distinguishes between wealth and income. December 31 minus debt owed on the orchard. What marks the income as a flow is its measurement per unit of time, such as the value of apples yielded from the orchard per year. Statements consisting only of original research should be removed. Wealth refers to value of everything a person or family owns.
This includes tangible items such as jewelry, housing, cars, and other personal property. Financial assets such as stocks and bonds, which can be traded for cash, also contribute to wealth. Wealth is a restrictive agent for people of different classes because some hobbies can only be participated in by the affluent, such as world travel. As such, there exist different “conceptions of social reality, different aspirations and hopes and fears, different conceptions of the desirable.