WEALTH

WEALTH

Wealth is the abundance of valuable resources or material possessions. At the most general level ,we may define wealth as ‘anything of value’ that captures both the subjective nature of the idea and the idea that is not a fixed or static concept. Defining wealth can be a normative process with various ethical implications, since often wealth maximization is seen as a goal or is thought by a normative principle of its own.
According to the United Nations inclusive wealth is a monetary measure which includes the sum of natural, human and physical assets. Natural capital includes land, forest, fossil fuels and minerals. Human capital is the population’s education and skill. Physical capital includes things such as machinery, buildings and infrastructure. In economic sense, net wealth refers to the value of assets owned minus the value of liabilities owed at a point in time. Concepts of wealth also vary with time. Modern labour –saving inventions and the development of science has vastly improved the standard of living in modern societies for even the poorest of people. People are classified into different classes such as upper, middle and lower class depending upon wealth possessed by people in each country.
One of the major challenges in today’s world is wealth gap between the rich and the poor. Some primary causes of wealth inequality are monetary policy, financial resources, money allocation, higher rate of savings and hence asset accumulation by the wealthy, inflation. Steps must be taken to improve the living standards of the poor and provide them with basic amenities such as food, clothing and shelter. Better economic policies and equal opportunities for the poor can help to elevate their social status.

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Rahul Yadav
I am a final year engineering student ,Writing is my hobby and passion.

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