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 Wealth?
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Titan23
Posted: Mar 3 2009, 03:44 AM


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What is wealth? I've scoured the Objectivst Glossary and Capitalism: The Unknown Ideal and I can't find an explicit definition.

Thanks.


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What 'multiculturalism' boils down to is that you can praise any culture in the world except Western culture - and you cannot blame any culture in the world except Western culture. - Thomas Sowell
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L-C
Posted: Mar 5 2009, 05:57 PM


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The unspent results of production.
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Inspector
Posted: Mar 8 2009, 09:07 AM


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Yes, I'd say that the first, second, and second-to-last entries here do seem to support L-C's definition.

"Gold money is a tangible value in itself and a token of wealth actually produced... When you store your savings in the form of gold coins, they represent the goods which you have actually produced..."

Thus, wealth is: goods which have been produced.

"Money cannot function as money, i.e., as a medium of exchange, unless it is backed by actual, unconsumed goods."

Again, unspent production.

"Money is a tool of exchange; it represents wealth only so long as it can be traded for material goods and services. Wealth does not grow in nature; it has to be produced by men."

And once again, the end product of production, i.e. that which is produced by man, and a thing which is equivalent is that which can be traded for goods and services.


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I am the night watchman;
Obstating Principii while you sleep
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