Four Girls and a Guy

Welcome to our blog for our University College World Politics class!!!

Monday, November 06, 2006

Wealth Reflection, Friday 11/03/06

I thought it was quite interesting to hear how we all perceive wealth and its definition. Many including myself, tend to immediately think of money and having lots of it to be what wealth is. However, I believe, to reiterate what I brought up in class, that wealth could simply be thought of as anything that an individual considers to be valuable. This could translate into meaning having good friends and a loving family. Although, many consider these to be indicative of just happiness, but woudn't call it wealth. Well, one might ask then, how it is determined what is valuable, if having wealth is having valuable items. I think that the rarity of an item is what determines how valuable it is. As P.T.J. brought up, if diamonds were as common as all the leaves laying around the ground, then nobody would value them at all because anyone could obtain them. Also, when talking about the role of a state in its economy, I agree with what Katie said in class, that money is valuable because the government says it is, so therefore the government has to have a role in the economy. In addition, I learned exactly what the difference is between public and private goods even though I had always heard the phrases. Goods are considered public goods when consumption is non-excludable such as highways, and goods are considered private when they are consumed by individuals, such as food. After discussing wealth in class, I decided that states are responsible for creating opportunities for economic development and growth, but aren't responsible for making people stimulate the economy, or using the resources the state has established.

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