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  • Re: Where does Wealth come from?

    Utility is not usefulness, it's just another word for happiness. Utility, happiness, wealth, value are all subjective and they are all the same thing.
    Posted to Economics Questions (Forum) by Lawrence on Sat, Jul 23 2011
  • Re: Where does Wealth come from?

    "With his recognition of action as the bridge between the mind and the outside reality". Reality is private property. But forget the quote and think about it intuitively. Private property is obviously a requirement for human action. Imagine you didn't have private property rights over your own body, would you still be able to act? Obviously
    Posted to Economics Questions (Forum) by Lawrence on Sat, Jul 23 2011
  • Re: Where does Wealth come from?

    The fundamental principle of praxeology, the science of human action, is that humans act to maximize utility. But remember human action can only occur if private property rights are respected. If someone puts a gun to my head and makes me take certain actions they obviously do not maximize my utility. So if there are private property rights, then human
    Posted to Economics Questions (Forum) by Lawrence on Sat, Jul 23 2011
  • Re: Where does Wealth come from?

    http://mises.org/esandtam/pes1.asp There's the source for what I paraphrased. You should read the entire article before responding because you obviously don't understand my argument. I view the statement "You said wealth comes from private property." and "Wealth comes from each individual attempting to maximize their utility."
    Posted to Economics Questions (Forum) by Lawrence on Sat, Jul 23 2011
  • Re: Where does Wealth come from?

    But you haven't defined "value". Where does value come from? Value(or wealth,utility, etc.) is in the minds of individuals and it is created as humans act to remove felt uneasiness.
    Posted to Economics Questions (Forum) by Lawrence on Sat, Jul 23 2011
  • Re: Where does Wealth come from?

    The fundamental praxeological axiom is that humans act to maximize utility. Human action occurs when the mind and private property come in contact.(Hans Hermann Hoppe) In other words, human action can only occur if humans are free to choose their actions. So my reasoning that wealth comes from human action is a praxeological deduction.
    Posted to Economics Questions (Forum) by Lawrence on Sat, Jul 23 2011
  • Re: Where does Wealth come from?

    Well, perfect information is usually assumed. But if not you can just group knowledge with capital(human capital, physical capital, etc.). Obviously knowledge is essential but so is physical capital and a lot of other proximate causes of wealth. If people on an island don't have nets then it will take them a lot longer to acquire fish. The net would
    Posted to Economics Questions (Forum) by Lawrence on Sat, Jul 23 2011
  • Re: Where does Wealth come from?

    Well, theoretically it is impossible to measure wealth. The starving people in Zimbabwe could be happier(have higher utility) than rich people in the United States. It's impossible to tell. In the free market, if people preferred to live in squalor ratheer than material wealth then that is what would occur. For practical purposes though, the GDP
    Posted to Economics Questions (Forum) by Lawrence on Sat, Jul 23 2011
  • Re: Where does Wealth come from?

    Wealth doesn't come from productivity. You can be productive at making garbage but no one will consider all the garbage you've produced wealth. Wealth comes from each individual attempting to maximize their utility.
    Posted to Economics Questions (Forum) by Lawrence on Sat, Jul 23 2011
  • Re: Where does Wealth come from?

    Wealth and value are the same thing. They are both subjective.
    Posted to Economics Questions (Forum) by Lawrence on Sat, Jul 23 2011
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