Wealth as Beliefs

Arnold Kling points to a paper published under the aegis of (though not blindly endorsed by) the World Bank.

Chapter 2 showed that in most countries intangible capital is the largest share of total wealth.

What does intangible capital measure in the wealth estimates? By construction, it captures all those assets that are not accounted for elsewhere. It includes human capital, the skills and know-how embodied in the labor force. It encompasses social capital, that is, the degree of trust among people in a society and their ability to work together for common purposes. It also includes those governance elements that boost the productivity of the economy. For example, if an economy has a very efficient judicial system, clear property rights, and an effective government, the result will be a higher total wealth and thus an increase in the intangible capital residual.

WHERE IS THE Wealth of NATIONS?:
Measuring Capital for the 21st Century
--Kirk Hamilton et al.

We keep saying, money is only a marker. When we are more reliable, creative, efficient, energetic, and orderly, we make a contribution to capital. Everyone's. There is always a toehold on the upward spiral. Even if all I do is pick up a piece of trash. The world offers endless possibilities for this contribution to prosperity and happiness.

Who denies this? Via what arguments and agendas? Of course, there are magnificently reliable, creative, energetic individuals who are, at the moment, struggling vis-a-vis economics. But systemically, it begins to appear that wealth as a people, and, eventually, family-by-family and on to individuals, is not based so much on "things" as on vision and application. The purpose for underlining this is, in whatever small ways, Catch the Flow. It can only help. Without it, the way is bleak.

And before the echo chamber gets too concerned, catching the flow for everyone includes every act of mercy, feeding the hungry, visiting the sick. Or, and this is the kicker, asking for what we need, and asking until someone says Yes. Giving our donor the opportunity to catch the flow, willingly, creatively, happily.

The difference between request and entitlement is the difference between catching the flow, and theft.

In our opinion.

Via Titusonenine