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I don't know if i understood you correctly, but i guess we talking about the same thing. Wealth is the amount of (useful) produced goods and services, whatever the amount of claims (money, financial assets) to this wealth there are.
by kjr63 on Mon Jul 13th, 2009 at 10:42:39 AM EST
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How are you defining "useful"?
by Colman (colman at eurotrib.com) on Mon Jul 13th, 2009 at 10:49:19 AM EST
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Oh boy, improves the well being of human race..
If we look this thing from purely economic perspective, i guess it is possible to make a quite good definition of "wealth." However, all values are not economic. And "wealth" should be approached from different angles. By people with different perspective.
by kjr63 on Mon Jul 13th, 2009 at 01:12:46 PM EST
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As noted elsewhere in the comment thread, 'wealth' as used in the context of the financial press is "ability to hold up the productive sector for ransom", so in your terms, the phrase "wealth creation" in the financial press refers to an increase in the ability to grab wealth created by someone else.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Mon Jul 13th, 2009 at 11:03:41 AM EST
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Obviously they use the term like that, but issuing claims to wealth does not create wealth. It just transfers money from one pocket to another. Perhaps they think that money in the pocket of "serious people" is better than in the "non-serious".
by kjr63 on Mon Jul 13th, 2009 at 01:33:41 PM EST
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But this is a semantic argument. You use the word wealth to mean one thing. They use the word wealth to mean something else.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Mon Jul 13th, 2009 at 03:17:43 PM EST
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