3 ms·

How do you define wealth? From first principles, wealth is just the accumulation of resources used for production: oil, gas, water, lumber, minerals. The next a

How do you define wealth? From first principles, wealth is just the accumulation of resources used for production: oil, gas, water, lumber, minerals. The next abstraction would be the accumulation of productive labor from these resources: buildings, vehicles, electronics, materials. How many of these things are the wealthiest nations net exporters of — or at least breakeven on, eg they produce enough for self-sustenance?

pdonis 3y ago
> How do you define wealth? The basic economic definition is that wealth is possibilities: the wealthier you are, the more things it is possible for you to choose to do. Resources and productive capacity are kinds of wealth, since they make it possible to do things, but not the only kinds. > How many of these things are the wealthiest nations net exporters of The wealthiest nations export all kinds of wealth. Wealth is not limited to the narrow view you are taking.
- Kbelicius 3y ago
  > The basic economic definition is that wealth is possibilities: the wealthier you are, the more things it is possible for you to choose to do. Never heard of that definition, most definitely not as a basic economic definition. Where did you hear it? Anyways, if we use your definition of wealth then we must definitely define what "possibilities" in this context mean. To me it seems that there is far less wealth today than in the past. The only possibility for me right now is to sell my time to someone else so that I could ensure my survival. I can't grow my own food since I don't have the money for it. Can't move since I don't have money for it... you get the picture. It seems, by your definition, I'm poor as any man has ever been. If by "possibilities" you meant how many different beers they have on offer in my local pub then I'm one of the wealthiest people in the world.
  - pdonis 3y ago
    > Where did you hear it? I've given it in an unusual phrasing, but what I've said is equivalent to what you will find in, say, David Friedman's Price Theory. > we must definitely define what "possibilities" in this context mean. To me it seems that there is far less wealth today than in the past. Nonsense. To give just one example: say you get a bacterial infection. A century ago your only option was to drink fluids, rest, and hope your immune system could fight it off--which in lots of cases it couldn't. Today you can get antibiotics. As a result of advances like this (and others like vaccinations for common diseases), the death rate from disease is vastly lower today than in the past, because of all the possibilities for fighting disease that exist today that didn't exist then. That is a huge amount of wealth creation. To give another example: say your family lives across the country and you want to visit them. A century ago you could take a train that would take about a week to get there. Today you can get in an airplane and be there in a few hours. As a result, there are many more possibilities for events, from business meetings to family gatherings, that simply could not have taken place at all in the past. That is wealth creation. For one more quick example, the discussion we are having now could not have taken place a few decades ago, nor could billions like it. That is wealth creation. We tend to forget such things because we take our current level of wealth for granted and don't stop to think about the vast number of possibilities open to us that were not open to our ancestors. But they're there, and they represent wealth. > by your definition, I'm poor as any man has ever been No, you (and I) are far richer than the vast majority of humans who have ever lived. See above.

pdonis 3y ago

> How do you define wealth? The basic economic definition is that wealth is possibilities: the wealthier you are, the more things it is possible for you to choose to do. Resources and productive capacity are kinds of wealth, since they make it possible to do things, but not the only kinds. > How many of these things are the wealthiest nations net exporters of The wealthiest nations export all kinds of wealth. Wealth is not limited to the narrow view you are taking.

Kbelicius 3y ago
> The basic economic definition is that wealth is possibilities: the wealthier you are, the more things it is possible for you to choose to do. Never heard of that definition, most definitely not as a basic economic definition. Where did you hear it? Anyways, if we use your definition of wealth then we must definitely define what "possibilities" in this context mean. To me it seems that there is far less wealth today than in the past. The only possibility for me right now is to sell my time to someone else so that I could ensure my survival. I can't grow my own food since I don't have the money for it. Can't move since I don't have money for it... you get the picture. It seems, by your definition, I'm poor as any man has ever been. If by "possibilities" you meant how many different beers they have on offer in my local pub then I'm one of the wealthiest people in the world.
- pdonis 3y ago
  > Where did you hear it? I've given it in an unusual phrasing, but what I've said is equivalent to what you will find in, say, David Friedman's Price Theory. > we must definitely define what "possibilities" in this context mean. To me it seems that there is far less wealth today than in the past. Nonsense. To give just one example: say you get a bacterial infection. A century ago your only option was to drink fluids, rest, and hope your immune system could fight it off--which in lots of cases it couldn't. Today you can get antibiotics. As a result of advances like this (and others like vaccinations for common diseases), the death rate from disease is vastly lower today than in the past, because of all the possibilities for fighting disease that exist today that didn't exist then. That is a huge amount of wealth creation. To give another example: say your family lives across the country and you want to visit them. A century ago you could take a train that would take about a week to get there. Today you can get in an airplane and be there in a few hours. As a result, there are many more possibilities for events, from business meetings to family gatherings, that simply could not have taken place at all in the past. That is wealth creation. For one more quick example, the discussion we are having now could not have taken place a few decades ago, nor could billions like it. That is wealth creation. We tend to forget such things because we take our current level of wealth for granted and don't stop to think about the vast number of possibilities open to us that were not open to our ancestors. But they're there, and they represent wealth. > by your definition, I'm poor as any man has ever been No, you (and I) are far richer than the vast majority of humans who have ever lived. See above.