|
it is a good question.. note that wealth is not the same as money. a denition is as follows:
“Wealth” is the present value of the expected stream of future utility [human happiness] that an “infinitely lived individual or a dynasty” [or a nation] could hope to extract from the real resources available now and in the indefinite future, assuming these real resources are allocated and managed now, and over time, so as to maximize that present value of future utils (at the “proper” discount rate).
without reading the paper, the following activities, but not limited to them, create wealth:
1. farming, foresting and cattle raising
2. mining
3. construction and manufacturing
4. some services like education, medical, house keeping, hotelling, restauranteuring, governing, etc.
a lot of services do not create wealth, but only transfer wealth.
|