To: RightWhale
Money is whatever commodity is more readily accepted by the entire commercial world as a medium of exchange, and it gets and keeps that status when and because lots of people stand ready to accept it in payment for other things people want. Few are prepared to accept a 4 bedroom house in Phoenix as payment for a vanilla latte, so it isn't money. Everyone is ready to accept US dollars in the form of banknotes or a bank credit card, so those are money. Wealth is a much broader thing, and is what we are really after. The point, precisely, is to cut off money the transaction medium item, from wealth the much larger aggregate of valuable stuff, that it merely serves to measure. And to see in empirical detail, their respective size, and relationship over time.
10 posted on
12/08/2008 11:35:35 AM PST by
JasonC
To: JasonC
We are probably in alignment WRT money and income. As for wealth, property can add to it. My interest is what happiness might be. Wealth has a dimension of wealth, and poperty and money might be dimensions of wealth but not he only dimensions.
11 posted on
12/08/2008 11:46:11 AM PST by
RightWhale
(We were so young two years ago and the DJIA was 12,000)
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