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2022: Creating a Lexicon of Future
W is for Wealth
At the most general level, economists may define wealth as “anything of value” that 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. 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. A community, region or country that possesses an abundance of such possessions or resources to the benefit of the common good is known as wealthy.
The United Nations definition of inclusive wealth is a monetary measure which includes the sum of natural, human, and physical assets. Natural capital includes land, forests, energy resources, and minerals. Human capital is the population’s education and skills. Physical (or “manufactured”) capital includes such things as machinery, buildings, and infrastructure. ~ Wikipedia
Wealth has slightly different meanings, depending whether it is used in a personal, economic, accounting, spiritual, or philosophical, context. This article focuses just on its meanings when used in business, finance, and economic settings.
In general, wealth refers to intangible and tangible things that make people, households, groups, towns, or even whole nations better off, i.e. richer.
In accounting, wealth is a business’, person’s…
