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What is "wealth"? If car built in a factory is useful for 10 years without repairs, but useful for 30 years with repairs, the mechanics add 20 years of useful
by leereeves 9y ago
What is "wealth"?
If car built in a factory is useful for 10 years without repairs, but useful for 30 years with repairs, the mechanics add 20 years of useful life to the car. Does that not increase wealth?
- toomuchtodo 9y agoI'd argue it increases utility, not wealth. It'd increase wealth if that vehicle was used in a business to generate income.
- phamilton 9y agoWhile you are entitled to your definition, I thought I'd throw in one of the original PG definitions: > Suppose you own a beat-up old car. Instead of sitting on your butt next summer, you could spend the time restoring your car to pristine condition. In doing so you create wealth.[0] [0] http://www.paulgraham.com/wealth.html http://www.paulgraham.com/wealth.html