What is your definition of wealth? Please explain your answer.
Money promotes the production of high-quality goods, which improves the quality mix and welfare unambiguously. When this fraction is endogenous, however, we find that money can be valued even though it decreases welfare relative to the barter equilibrium. Money isn't everything.
For me, wealth has little to do with money and more to do with character, family, friends and quality of life. I am a Christian. I don't have much money, nor do I desire to have an over abundance. If I did have it, I would probably donate a lot of it to good non-profit organizations. In spite of the fact that I do not have a huge abundance of money, I consider myself extremely wealthy because God has blessed me with so much more than I could have even thought to ask for in friendships, family, and a sense of purpose.
I read an article by a psychologist that people define 'wealth' as those earning 15-20% more than they do. I class my parents as wealthy, they do not agree; my parents think some family friends who earn around $20k more a year than them are wealthy.
Thank you for your responses and your perspectives on wealth.
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