Publication:
Wealth as understood in economics and finance
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Date
2017
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Abstract
Contemporary economic thoughts equate capital, as mentioned in the above quote, to be wealth, which, as stated in the quote, is the accumulation of things of value from the continuous efforts of humans. Wealth is owned in different proportions by individuals, entities and the state. Wealth can be defined broadly as an item that has some economic substance, a value such that the wealth can be used for several intended purposes, in modern economics, for consumption as theoretically glorified by the Utility Maximization Theorem (Arrow-Debreu). As the great philosopher - economist Adam Smith said, wealth is from the efforts of humans to better the human condition, which then eventually leads to wealth as the capital accumulation owned by nations.
Keywords
Wealth , Economics , Finance
Citation
Ariff, M., & Ramadili Mohd, S. M. (2017). Wealth as understood in economics and finance. In M. Ariff & S. M. Ramadili Mohd. (Eds.), Islamic wealth management: theory and practice (pp. 3-12). Cheltenham, United Kingdom: Edward Elgar Publishing Limited.
Publisher
Edward Elgar Publishing Limited
Available in physical copy and e-book (Call number: BP 190.5 W4 I82)