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Old 10-07-2008, 10:22 PM
 
Location: Charlotte, NC, USA
392 posts, read 1,382,238 times
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I thought this article was interesting:
http://watchingamerica.com/News/7754/the-cause-of-the-america%e2%80%99s-decline/

Essentially, what this article is saying is that the recent troubles are a matter of the economy not actually creating wealth. However, I don't think the article nails the idea of "wealth creation".

How would you define wealth creation?
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Old 10-07-2008, 11:32 PM
 
Location: Texas
4,936 posts, read 7,129,903 times
Reputation: 5512
In our economy, wealth creation is a ponzi scheme of selling an asset at higher and higher prices until the market crashes.
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Old 10-08-2008, 07:43 AM
 
Location: Backwoods of Maine
7,309 posts, read 8,982,326 times
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Quote:
Originally Posted by pinetreecity View Post
How would you define wealth creation?
First, define what wealth is - and is not. It isn't providing services for each other. Wealth is more about tangibles, it is land, buildings, roads, infrastructure, timber, concrete, steel, oil, energy, industry, agriculture, fisheries, mining, transportation and all human activity that produces the goods that people need to live.

Unfortunately all of that became "so 20th century" rather recently. Our railroads have fallen into disuse and disrepair (along with our bridges and infrastructure). We can no longer drill or mine for our considerable natural resources because the environazi's won't let us. Agriculture has gone from the family farm to corporate ag. We are being over-regulated and our industrial base has been shipped off to China.

I find it hard to believe that all this came about by accident or the free market system. Don't make me laugh.
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Old 10-08-2008, 09:09 AM
 
1,954 posts, read 4,929,820 times
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Quote:
Originally Posted by Nor'Eastah View Post
First, define what wealth is - and is not. It isn't providing services for each other. Wealth is more about tangibles, it is land, buildings, roads, infrastructure, timber, concrete, steel, oil, energy, industry, agriculture, fisheries, mining, transportation and all human activity that produces the goods that people need to live.

Unfortunately all of that became "so 20th century" rather recently. Our railroads have fallen into disuse and disrepair (along with our bridges and infrastructure). We can no longer drill or mine for our considerable natural resources because the environazi's won't let us. Agriculture has gone from the family farm to corporate ag. We are being over-regulated and our industrial base has been shipped off to China.

I find it hard to believe that all this came about by accident or the free market system. Don't make me laugh.
I would agree in general, although I wouldn't blanket "services" into one category. "Services" should be divided into those that create value and those that don't. Financial services that provide real money to companies to expand, say, oil production, are value-adding services. Financial services that push around paper debt are not. PR and advertising that make the public and government more aware of new technologies and ideas are value-adding; fluff-advertising for already well-known products of consumption is not.

My definition of wealth, therefore, would be anything that produces and supports the creation of value - material or cultural - in society.
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