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Wealth

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  • Meacci, Ferdinando

Abstract

This paper is focused on the notion of wealth as used by different authors in different periods of time. The paper deals with the contrast between the notion of wealth shared by all major classical economists, particularly by Adam Smith, and the notion previously held by the Mercantilists (by which one nation’s gain is intended as another nation’s loss) or subsequently held by Irving Fisher and other Neoclassical economists(whereby the wealth of an individual is brought to centre stage in lieu of the wealth of society). After distinguishing, in Say’s footsteps, between “richesses naturelles” (the use values given by nature) and “richesses sociales” (the use values produced and reproduced by labour), the paper focuses on the classical notion of wealth as “richesses sociales” (the wealth of nations) and, more particularly, as the flow of final goods available in a period (and made possible by using up the intermediate goods inherited from a previous period) rather than the stock, however formed, of instrumental goods (let alone the value of this stock) owned by individuals at an instant of time (assets).

Suggested Citation

  • Meacci, Ferdinando, 1998. "Wealth," MPRA Paper 14713, University Library of Munich, Germany, revised 15 Apr 2009.
    • Handle: RePEc:pra:mprapa:14713
    as

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    File URL: https://mpra.ub.uni-muenchen.de/14713/1/MPRA_paper_14713.pdf
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    Other versions of this item:

    • Meacci, Ferdinando, 2013. "Wealth," MPRA Paper 55496, University Library of Munich, Germany, revised Mar 2014.

    References listed on IDEAS

    as
    1. Smith, Adam, 2008. "An Inquiry into the Nature and Causes of the Wealth of Nations: A Selected Edition," OUP Catalogue, Oxford University Press, number 9780199535927 edited by Sutherland, Kathryn, Decembrie.
    2. Meacci, Ferdinando, 2010. "On Smith's ambiguities on value and wealth," MPRA Paper 28866, University Library of Munich, Germany.
    3. Heinz D. Kurz & Neri Salvadori (ed.), 1998. "The Elgar Companion to Classical Economics," Books, Edward Elgar Publishing, volume 0, number 851.
    4. Ferdinando Meacci, 1989. "Irving Fisher and the Classics on the Notion of Capital: Upheaval and Continuity in Economic Thought," History of Political Economy, Duke University Press, vol. 21(3), pages 409-424, Fall.
    5. Meacci, Ferdinando, 1998. "Value and Riches," MPRA Paper 14715, University Library of Munich, Germany, revised 15 Apr 2009.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    wealth; final goods; instrumental goods; flows; stocks;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches

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