How Should Wealth Be Defined?

1419 Words Aug 6th, 2016 6 Pages
How Should Wealth Be Defined?
Who do you consider wealthy? If you’re like most people, you would probably name the most famous billionaire you can think of. That would be a very natural reaction for most Americans. Largely due to our nation’s history, most U. S. citizens associate the word, wealthy, with having lots of money. In fact, the word, wealth, has become almost synonymous with the word, money, in recent decades. But can that passive assumption be considered accurate? The American Heritage Dictionary defines wealth as “An abundance of valuable material possessions or resources; riches.” That means wealth is having a lot of whatever is considered valuable in any circumstance. In other words, wealth means being rich. That doesn’t help shape a better understanding of the word though. In the same dictionary, the word, rich, is defined as “Possessing great material wealth.” The writers literally defined two words by using the other! It’s clear that it can be difficult for anyone to pinpoint a feasible definition for wealth. The problem is, there are far too many different types of societies for all of them to agree on a definite standard for being wealthy. So how can we define wealth? One standard I have found to make the most sense is actually quite simple and it easily applies to everyone in the world. It should not be defined by any amount of possessions. Instead, wealth should be defined by the result. No matter how you choose to achieve it, the standard for wealth…

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