[FRIAM] What is Wealth for?

[Marcus Daniels]

Living off interest is wealth.

On Mar 12, 2021, at 9:15 PM, Pieter Steenekamp <pieters at randcontrols.co.za> wrote:


"what is Wealth for?"

For now I'm addressing material wealth only. Wealth is simply a vehicle to accomplish delayed gratification.

You work and innovate to produce goods and deliver services and sell it for money. If you spend it all immediately then you don't create wealth and also don't get delayed gratification. Only If you save it  have you created wealth and get the associated delayed gratification.

So wealth is a necessary component for working  and innovating and enjoying the benefits long after when you may be sick and or old.

It's valid for both the indivudual, the family and the society and even humankind.

There's obviously many abuses of wealth but in principle you need wealth for delayed gratification. Don't throw out the baby with the bathwater. Don't look at all the insanely rich individuals and the huge gap between rich and poor and conclude that wealth is the problem. Sort out the problems, keep the baby and throw out the bathwater. At the core you simply need wealth for delayed gratification.

Above explanation is very simplistic to make the concept clear. In practice it's obviously much more complicated.




On Fri, 12 Mar 2021 at 22:31, Steve Smith <sasmyth at swcp.com<mailto:sasmyth at swcp.com>> wrote:
Tangenting off of the Great Man discussion, I would like to solicit a
discussion on  "What is Wealth for".  I believe we have attended to this
on the side many times (I remember a vFriam where it was declared that
"Billionaires are Assholes, but Millionaires aren't (necessarily)"?

Each of our Great (Wo)Men on the snark/not-snark list share one thing in
common, Wealth.   I'd be interested to hear others riff a little more on
their taxonomies of "what is Wealth for?"

- Steve


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