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  • Re: Where does Wealth come from?

    It is true when taken to the extreme. If you don't own your own body then wealth cannot be created because you would suffocate to death. But explain what the flaw is with this logic: "If humans act to maximize utility then it is clear that utility/wealth is derived from human action."
    Posted to Economics Questions (Forum) by Lawrence on Sat, Jul 23 2011
  • Re: Where does Wealth come from?

    I don't even know what we're arguing about anymore. I still don't think you countered the main argument I was making in my first post.
    Posted to Economics Questions (Forum) by Lawrence on Sat, Jul 23 2011
  • Re: Where does Wealth come from?

    Forget diamonds because it just confuses the issue. Hamburgers can be considered wealth and are valuable because they remove felt uneasiness they satisfy your hunger. Wealth is purely based on the individual's judgement. If people liked garbage then garbage would be valuable and would be considered wealth.
    Posted to Economics Questions (Forum) by Lawrence on Sat, Jul 23 2011
  • Re: Where does Wealth come from?

    Utility is an economic term. You should google it. It doesn't mean "usefulness". The geological process, and the supply of rocks is not what makes diamonds have value. Diamonds have value because people like them. There is plenty of water but people still value it and consider it wealth because it brings happiness and utility.
    Posted to Economics Questions (Forum) by Lawrence on Sat, Jul 23 2011
  • Re: Where does Wealth come from?

    "I think we all get what you are saying, but your semantical games trying to tell us about praxeology is getting everyone confused. Utility maximization leads to the creation of wealth and private property and liberty of choice lead to the best results where coercion and force lead to disutility and destruction of wealth (as people's time and
    Posted to Economics Questions (Forum) by Lawrence on Sat, Jul 23 2011
  • Re: Where does Wealth come from?

    Slaves didn't own their own bodies which is why they were not allowed to do the actions that maximize their happiness. The slaves had to do exactly what their masters told them. Slaves were the private property of their masters. The masters created wealth and happiness for themselves by making their slaves work. So the slaves never really acted
    Posted to Economics Questions (Forum) by Lawrence on Sat, Jul 23 2011
  • Re: Where does Wealth come from?

    When I said "reality is private property" it was in a specific context. What I mean is that theoretically individuals should not be able to interact with property that is not their own. "Utility, happiness, wealth, value are all the same thing". These words all represent the same thing because they are each subjective. What makes
    Posted to Economics Questions (Forum) by Lawrence on Sat, Jul 23 2011
  • Re: Where does Wealth come from?

    John James, You shouldn't insult people's ideas and arguments just because you cannot understand them. If you see a flaw in the logic then actually explain what it is.
    Posted to Economics Questions (Forum) by Lawrence on Sat, Jul 23 2011
  • Re: Where does Wealth come from?

    "Wealth creation does not require private property, freedom, nor liberty." Then explain this. If no one in society has private property rights over their own body and they don't have private property over any land then they can't interact with their surroundings. They wouldn't have the right to move. How can wealth be formed in
    Posted to Economics Questions (Forum) by Lawrence on Sat, Jul 23 2011
  • Re: Where does Wealth come from?

    I don't know why you can't grasp such simple concepts. In societies like the Soviet Union where private property rights were very limited(people still owned their own body in the USSR) very little wealth was created. In societies with a lot of private property like Hong Kong a lot of wealth was created. The wealth was created because private
    Posted to Economics Questions (Forum) by Lawrence on Sat, Jul 23 2011
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