In spite of the false beliefs being told here, wealth is an easy concept to grasp. Wealth is not "a process" nor is wealth "the continual ability to consume." Those are expressed silly false beliefs.
Watch my video titled What is Wealth? and in five minutes you shall unlock the secrets to what is wealth and be on the road to knowing economics for the first time.
@TruthAxe Why do you feel it necessary to attack this video? It is from the Austrian perspective. The information based on Rothbard's writings. I watched your video and personally found it difficult to follow. You seem to indicate that "wealth" is defined as the exchangeability of an item in the marketplace. That is only partially true, because the reason items have exchange value is based on its consumption value, which is the point of our video.
@TheF4FS Your video hasn't been attacked. However, what you express in your video is 100% false. While Murray N. Rothbard was a smart guy, he was not right always.
The only criterion that defines wealth is exchangeability. All worth resides in the mind and arises solely from variation in want among all men. Men do not give worth to things unless they want them. Wealth arises from things of worth.
An exchange happens only when each man gives less of what he has and gets what he wants more.
@TheF4FS Also, there's no such thing as "consumption value" as you claim, falsely.
Value arises from economic relation in which one thing bears to another in exchange. Value results from the expression of a ratio of importance between two commodities. Value of thing gets expressed in the amount swapped for it in a sale.
Value is NOT a quality, an aspect of a thing residing absolutely within it, nor does it arise from utiliy or cost of production or any other claimed intrinsic quality.
It sounds like you guys are arguing the same thing:
From your video:
"Money is wealth only when and where it is exchangeable." (Socrates)
"...the human quality, such as, intellect and inventiveness. While these things aren't wealth, the products that can be derived from them... from these human qualities, and exchanged, are wealth."
"A person on a desert island with a huge pile of gold has no wealth. But, if there are other people around, to produce lots of stuff, then he is potentially very wealthy."
"You could have a mountain full of minerals and metals, or an entire desert full of oil, and these would be worth very little without the machines for extraction and purification."
In spite of the false beliefs being told here, wealth is an easy concept to grasp. Wealth is not "a process" nor is wealth "the continual ability to consume." Those are expressed silly false beliefs.
Watch my video titled What is Wealth? and in five minutes you shall unlock the secrets to what is wealth and be on the road to knowing economics for the first time.
TruthAxe 1 year ago
@TruthAxe See: watch?v=0nzdy0P1GZU
TruthAxe 1 year ago
@TruthAxe Why do you feel it necessary to attack this video? It is from the Austrian perspective. The information based on Rothbard's writings. I watched your video and personally found it difficult to follow. You seem to indicate that "wealth" is defined as the exchangeability of an item in the marketplace. That is only partially true, because the reason items have exchange value is based on its consumption value, which is the point of our video.
TheF4FS 1 year ago 6
@TheF4FS Your video hasn't been attacked. However, what you express in your video is 100% false. While Murray N. Rothbard was a smart guy, he was not right always.
The only criterion that defines wealth is exchangeability. All worth resides in the mind and arises solely from variation in want among all men. Men do not give worth to things unless they want them. Wealth arises from things of worth.
An exchange happens only when each man gives less of what he has and gets what he wants more.
TruthAxe 1 year ago
@TheF4FS Also, there's no such thing as "consumption value" as you claim, falsely.
Value arises from economic relation in which one thing bears to another in exchange. Value results from the expression of a ratio of importance between two commodities. Value of thing gets expressed in the amount swapped for it in a sale.
Value is NOT a quality, an aspect of a thing residing absolutely within it, nor does it arise from utiliy or cost of production or any other claimed intrinsic quality.
TruthAxe 1 year ago
@TruthAxe
It sounds like you guys are arguing the same thing:
From your video:
"Money is wealth only when and where it is exchangeable." (Socrates)
"...the human quality, such as, intellect and inventiveness. While these things aren't wealth, the products that can be derived from them... from these human qualities, and exchanged, are wealth."
strych97 1 year ago
@TruthAxe
From this video:
"A person on a desert island with a huge pile of gold has no wealth. But, if there are other people around, to produce lots of stuff, then he is potentially very wealthy."
"You could have a mountain full of minerals and metals, or an entire desert full of oil, and these would be worth very little without the machines for extraction and purification."
strych97 1 year ago
Good video, I know the idea is to keep it short and simple but I think it requires a little longer treatment.
spamdude1 1 year ago
Yes, that's Jason's voice. Sounds larger than life, no?
ThingObjectEntity 1 year ago
:D Is this Jason's voice?
missloretta 1 year ago