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How Should Personal and National Wealth Be Measured?

28 min • 26 april 2023

How we measure wealth, riches, abundance, and well-being is more important today than ever.

Topics covered include:

How late 18th century philosophers Adam Smith and the Earl of Lauderdale defined wealth and the role of capital. Why they worried about income inequality and excess profits
What led to the dramatic increase in life expectancy and wealth in the 20th and 21st centuries
How a long life expectancy and well-being can be attained at much lower levels of wealth
Why John Maynard Keynes was right about the expansion of the economy but wrong about how many hours we would work
How the U.S. expanded its wealth relative to the rest of world, and at what cost
Why natural capital should be included in measuring wealth

For more information on this episode click here.

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Show Notes

An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith—Early Modern Texts

About Adam Smith—Adam Smith Institute

An Inquiry Into the Nature and Origin of Public Wealth and Into the Means and Causes of Its Increase by The Earl of Lauderdale—McMaster University

Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail by Ray Dalio—Simon & Schuster

The Economics of Biodiversity: The Dasgupta Review—GOV.UK

Less Is More: How Degrowth Will Save the World by Jason Hickel—Penguin Random House

Economic Possibilities for Our Grandchildren by John Maynard Keynes—Yale

America’s economic outperformance is a marvel to behold—The Economist