Arhering’s post got me thinking. I don’t think this post will interest anybody.
What is Wealth?
Personal wealth is:
>>The value of all my tangible and intangible stuff
>>The ongoing costs (real and opportunity) of that stuff.
Tangible “stuff” is things like the net of material possessions, property, investments, NPV of income streams, currency, living situation physical comfort, leisure/recreation time and I would even say things like NPV of future employment income.
Intangible “stuff” includes things like current and future health, gains from family networks, gains from social networks, education, opportunity variety, experience variety, and so on.
Costs would be things like: time I spend at work, Mortgage, rent, upkeep, and opportunities forgone.
So, how wealthy am I?
Filed under: Economics |