What is wealth?

Posted by UncommonSense 11 years, 3 months ago to Economics
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A superb article to get people to think about what is wealth. I love the example they give: you have a 2 acre plot with a clear title, an old pickup truck with a 35-foot travel trailer and the guy with a million in the bank, a house with a mortgage and a Mercedes on credit....

Do you have wealth? Deep thoughts....

All Comments

  • Posted by $ stargeezer 11 years, 3 months ago in reply to this comment.
    Great Job! If you have a parts list, I'd love to look it over. A couple friends are really wanting to build a AR a piece and I want to help them out, but I've not seen a way in that price range. Awesome job Will!
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  • Posted by $ WillH 11 years, 3 months ago in reply to this comment.
    Nice looking camper setup. That truck is massive, then again I cannot talk too much because I have been trying to come to a deal to buy a 1 ton Diesel Suburban from the late 80's to pull mine.

    Most excellent. This day and age that horde of .22LR is a great wealth to have on hand, as is the other ammo. Good job.

    This is my latest project. The real accomplishment is financial. It's made from PSA days of Christmas parts sales. Total cost $500.
    http://i786.photobucket.com/albums/yy144...

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  • Posted by khalling 11 years, 3 months ago in reply to this comment.
    your deal was excellent. mine is currently set up as a guest casita, but have airstream will travel ;) it's how I galted
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  • Posted by $ WillH 11 years, 3 months ago in reply to this comment.
    I would imagine so. I always liked those cans. my wife wanted me to find one, but this deal was too good.
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  • Posted by $ WillH 11 years, 3 months ago in reply to this comment.
    Yeah, nothing like Lincoln hubcaps to add extra that extra vintage touch.
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  • Posted by dbhalling 11 years, 3 months ago
    I would only add that wealth is not just physical things. It is knowledge also (fundamentally). For instance if I own a lathe but have no idea of how to use it, it provides me no wealth other than perhaps as a paper weight. Of course I am assuming that if you don’t know how to use the lathe you don’t know who to turn the metal, motor, etc into something else. And of course knowledge has to be able to be put into action. If I know how to clean and stitch up a wound I am wealthier, even if I never have to put that knowledge into action. As Rand explained knowledge or our ability to reason is the source of all our wealth, because it is our unique way in which we survive. This of course will make engineers extremely valuable if things do fall apart.
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  • Posted by UncommonSense 11 years, 3 months ago in reply to this comment.
    An RV from '74? Damn. Did you uncover any secretly stashed Pink Floyd record albums? Steve Miller Band? haha. J/K.

    I'm surprised one from that era still exists. You must be located somewhere in the southwest. Ensure you reinforce the walls with something that'll stop small arms fire during your rebuild.
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  • Posted by $ WillH 11 years, 3 months ago
    This is a very good article. I bought an RV from 1974 last year that I am currently rebuilding as a partial hedge against this idea of economic collapse and/or the devaluation of paper money. I would encourage others to do something similar. It leaves a way out, an exit… Just in case.
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