Changes

The term implies a social contract on establishing and maintaining ownership in relation to such items which can be invoked with little or no effort and expense on the part of the owner.

The term implies a social contract on establishing and maintaining ownership in relation to such items which can be invoked with little or no effort and expense on the part of the owner.

<center>For lessons on the [[topic]] of '''''Wealth''''', follow [http://nordan.daynal.org/wiki/index.php?title=Category:Wealth this link].</center>

<center>For lessons on the [[topic]] of '''''Wealth''''', follow [https://nordan.daynal.org/wiki/index.php?title=Category:Wealth this link].</center>

The [[concept]] of wealth is [[relative]] and not only varies between societies, but will often vary between different sections or regions in the same society. For example, a personal net worth of US $1,000,000 in most parts of the United States Midwest would certainly place a person among the wealthiest citizens, yet the same net wealth would be considered quite modest on [[New York City]]'s Upper East Side or in the Connecticut suburbs. However, such amounts would constitute extraordinary wealth in impoverished developing countries.  

The [[concept]] of wealth is [[relative]] and not only varies between societies, but will often vary between different sections or regions in the same society. For example, a personal net worth of US $1,000,000 in most parts of the United States Midwest would certainly place a person among the wealthiest citizens, yet the same net wealth would be considered quite modest on [[New York City]]'s Upper East Side or in the Connecticut suburbs. However, such amounts would constitute extraordinary wealth in impoverished developing countries.  

===The capitalist notion of wealth===

===The capitalist notion of wealth===

Industrialization emphasized the role of [[technology]]. Many jobs were automated. Machines replaced some workers while other workers became more specialized. Labour specialization became critical to economic success.  However, physical capital, as it came to be known, consisting of both the natural capital (raw materials from nature) and the infrastructural capital (facilitating technology), became the [[focus]] of the '''analysis of wealth'''.  [[Adam Smith]] saw wealth creation as the combination of [[material]]s, labour, land, and technology in such a way as to capture a [[profit]] (excess above the cost of production).'[http://www.gutenberg.org/etext/3300 An Inquiry into the Nature and Causes of the Wealth of Nations]  The theories of David Ricardo, [[John Locke]], [[John Stuart Mill]], and later, [[Karl Marx]], in the 18th century and 19th century built on these views of wealth that we now call classical economics and Marxian economics (''see [[labor theory of value]]''). Marx distinguishes in the ''Grundrisse'' between material wealth and human wealth, defining human wealth as "wealth in human relations"; land and labour were the source of all material wealth.

Industrialization emphasized the role of [[technology]]. Many jobs were automated. Machines replaced some workers while other workers became more specialized. Labour specialization became critical to economic success.  However, physical capital, as it came to be known, consisting of both the natural capital (raw materials from nature) and the infrastructural capital (facilitating technology), became the [[focus]] of the '''analysis of wealth'''.  [[Adam Smith]] saw wealth creation as the combination of [[material]]s, labour, land, and technology in such a way as to capture a [[profit]] (excess above the cost of production).'[https://www.gutenberg.org/etext/3300 An Inquiry into the Nature and Causes of the Wealth of Nations]  The theories of David Ricardo, [[John Locke]], [[John Stuart Mill]], and later, [[Karl Marx]], in the 18th century and 19th century built on these views of wealth that we now call classical economics and Marxian economics (''see [[labor theory of value]]''). Marx distinguishes in the ''Grundrisse'' between material wealth and human wealth, defining human wealth as "wealth in human relations"; land and labour were the source of all material wealth.

==Other concepts of wealth==

==Other concepts of wealth==

===Non financial wealth===

===Non financial wealth===

The 21st century view is that many definitions of wealth can exist and continue to co-exist.  Some people talk about measuring the more general concept of [[well-being]]. This is a difficult [[process]] but many believe it possible - [[human development theory]] being devoted to this.  Furthermore, Manoj Sharma [http://www.differworld.com/our-professional-faculty/], the head of DifferWorld's [http://www.differworld.com/]faculty]] makes a very strong case of the importance of factoring in both financial wealth and non-financial wealth as a measure of "True Wealth". His definition of True Wealth being a combination of financial, mental, emotional, physical and [[spiritual]] wealth.

The 21st century view is that many definitions of wealth can exist and continue to co-exist.  Some people talk about measuring the more general concept of [[well-being]]. This is a difficult [[process]] but many believe it possible - [[human development theory]] being devoted to this.  Furthermore, Manoj Sharma [https://www.differworld.com/our-professional-faculty/], the head of DifferWorld's [https://www.differworld.com/]faculty]] makes a very strong case of the importance of factoring in both financial wealth and non-financial wealth as a measure of "True Wealth". His definition of True Wealth being a combination of financial, mental, emotional, physical and [[spiritual]] wealth.

Although these alternative measures of wealth exist, they tend to be overshadowed and influenced by the dominant [[money]] supply and banking system.  

Although these alternative measures of wealth exist, they tend to be overshadowed and influenced by the dominant [[money]] supply and banking system.  

===Buckminster Fuller's Notion of Wealth===

===Buckminster Fuller's Notion of Wealth===

In [http://www.rwgrayprojects.com/synergetics/s10/p7000.html#1075.25 section 1075.25] of [http://www.rwgrayprojects.com/synergetics/ Synergetics], [[Buckminster Fuller]] defined wealth as "the measurable degree of established operative advantage".  In Critical Path, Fuller described his notion as that which "realistically protected, nurtured, and accommodated X numbers of human lives for Y number of forward days".  Philosophically, Fuller viewed "real wealth" as human know-how and know-what which he pointed out is always increasing.

In [https://www.rwgrayprojects.com/synergetics/s10/p7000.html#1075.25 section 1075.25] of [https://www.rwgrayprojects.com/synergetics/ Synergetics], [[Buckminster Fuller]] defined wealth as "the measurable degree of established operative advantage".  In Critical Path, Fuller described his notion as that which "realistically protected, nurtured, and accommodated X numbers of human lives for Y number of forward days".  Philosophically, Fuller viewed "real wealth" as human know-how and know-what which he pointed out is always increasing.

===The creation of wealth===

===The creation of wealth===

Land ownership was also justified according to [[John Locke]]. He claimed that because we admix our labour with the land, we thereby deserve the right to control the use of the land and benefit from the product of that land, subject to the Lockean proviso of "at least where there is enough, and as good left in common for others." Additionally, in our post agricultural society this argument has many critics (including those influenced by Georgist and geolibertarian ideas) that argue that since people did not create land, they have no right of property over it. Still, many older ideas have resurfaced in the modern notions of ecological stewardship, bioregionalism, natural capita], and ecological economics.

Land ownership was also justified according to [[John Locke]]. He claimed that because we admix our labour with the land, we thereby deserve the right to control the use of the land and benefit from the product of that land, subject to the Lockean proviso of "at least where there is enough, and as good left in common for others." Additionally, in our post agricultural society this argument has many critics (including those influenced by Georgist and geolibertarian ideas) that argue that since people did not create land, they have no right of property over it. Still, many older ideas have resurfaced in the modern notions of ecological stewardship, bioregionalism, natural capita], and ecological economics.

==Quote==

==Quote==

At first life was a struggle for [[existence]]; now, for a [[standard]] of living; next it will be for [[quality]] of [[thinking]], the coming earthly goal of human existence.[http://mercy.urantia.org/cgi-bin/webglimpse/mfs/usr/local/www/data/papers?link=http://mercy.urantia.org/papers/paper81.html&file=/usr/local/www/data/papers/paper81.html&line=171#mfs]

At first life was a struggle for [[existence]]; now, for a [[standard]] of living; next it will be for [[quality]] of [[thinking]], the coming earthly goal of human existence.[https://mercy.urantia.org/cgi-bin/webglimpse/mfs/usr/local/www/data/papers?link=https://mercy.urantia.org/papers/paper81.html&file=/usr/local/www/data/papers/paper81.html&line=171#mfs]

[[Category: Economics]]

[[Category: Economics]]

[[Category: General Reference]]

[[Category: General Reference]]