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Wealth as understood in economics and financ

In: Islamic Wealth Management

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Listed:
  • Mohamed Ariff
  • Shamsher Mohamad

Abstract

Adam Smith traced the source of opulence of nation, which he called capital, to the uninterrupted efforts of every man to better his condition. Today we define wealth as the item that has some economic substance, a value such that this wealth can be used for several intended purposes, in modern economics, for consumption as theoretically glorified by the Utility Maximization Theorem (Arrow-Debreu). In this chapter, the reader is introduced to the modern idea of net wealth held by households and entities. The amount of wealth as at 2017 is given as US$ 250 trillion after all liabilities are subtracted from total wealth. In this context, Calvin’s contribution of wealth as God’s gift to man is referred to, which provides a continuity with Islam’s claim that wealth belongs to God, and He apportions who begets it.

Suggested Citation

  • Mohamed Ariff & Shamsher Mohamad, 2017. "Wealth as understood in economics and financ," Chapters, in: Mohamed Ariff & Shamsher Mohamad (ed.), Islamic Wealth Management, chapter 1, pages 3-12, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17781_1
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    Keywords

    Asian Studies; Economics and Finance;

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