Everything about Wealth Economics totally explained
In
economics and
business,
wealth of a person or nation is the value of
assets owned net of
liabilities owed (to foreigners in the case of a nation) at a point in time. The assets include those that are tangible (
land and
capital) and
financial (money, bonds, etc.). Wealth may be measured in
nominal or real values. Measurable wealth typically excludes intangible or nonmarketable assets such as
human capital and
social capital. In economics, 'wealth' corresponds to the
accounting term '
net worth'. But analysis may adapt typical accounting conventions for economic purposes in social accounting (such as in
national accounts). An example of the latter is
generational accounting of
social security systems to include the
present value projected future outlays considered as liabilities.
Economic terminology distinguishes between two types of variables: a stock and a flow. Wealth, as measurable
at a date in time, is a
stock, like the value of an orchard on December 31 minus debt owed on the orchard. For a given amount of wealth, say at the beginning of the year, income from that wealth, as measurable
over say a year is a
flow. What marks the income as a flow is its measurement per unit of time, like the value of apples yielded from the orchard per year.
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