2011년 11월 25일 금요일

Wealth as explained in Wikipedia


(As of Nov. 25, 2011: ...) The concept of wealth is of significance in all areas of economics, especially development economics, yet the meaning of wealth is context-dependent and there is no universally agreed upon definition. Generally, economists define wealth as "anything of value" which captures both the subjective nature of the idea and the idea that it is not a fixed or static concept. Various definitions and concepts of wealth have been asserted by various individuals and in different contexts.[2] Defining wealth can be a normative process with various ethical implications, since often wealth maximization is seen as a goal or is thought to be a normative principle of its own.[3]

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Definition

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All these delineations make wealth an especially important part of social stratification. Wealth provides a type of social safety net of protection against an unforeseen decline in one’s living standard in the event of job loss or other emergency and can be transformed into home ownership, business ownership, or even a college education.[6][not in citation given

(...) 'Wealth' refers to some accumulation of resources, whether abundant or not. 'Richness' refers to an abundance of such resources. (...) The opposite of wealth is destitution. The opposite of richness is poverty.

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 concept of wealth is relative and (...) 

Economic analysis

In economics, wealth is the net worth of a person, household, or nation, that is, the value of all assets owned net of all liabilities owed at a point in time. For national wealth as measured in the national accounts, the net liabilities are those owed to the rest of the world.[8][9] The term may also be used more broadly as referring to the productive capacity of a society or as a contrast to poverty.[10][11][12] Analytical emphasis may be on its determinants or distribution.[13][14] (...) 

In economics, 'wealth' corresponds to the accounting term 'net worth'. But analysis may adapt typical accounting conventions for economic purposes in social accounting (such as in national accounts). An example of the latter is generational accounting of social security systems to include the present value projected future outlays considered as liabilities.[15][16] (...)

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