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Wealth doesn't come from the belief that holding an asset will be worth more later; it comes from assets being invested in some way that makes them actually wor
by logicchains 12y ago
Wealth doesn't come from the belief that holding an asset will be worth more later; it comes from assets being invested in some way that makes them actually worth more later. E.g. I dig up some resource, and rather than consuming it I invest it in building some device that increases my ability to dig up resources in future. Wealth comes from productivity improvements.
Developed countries are wealthier because it takes a tiny fraction of human effort to produce e.g. a car or a loaf of bread compared to in a developed country, because through investing in technology/capital we're much more productive at making cars and bread.