Excellent article. Wealth can be well measured by the ability to command labor, a unit of wealth is a credit on another man’s hours. What does it mean then when national wealth is over 100% GDP (as it always is), and there are more credits then there are hours available in a year? How are these credits held over time, and what is the nature of their generation? Too many credits (1000% GDP in national wealth) and the system becomes too gummed up, too little and there is not enough to keep economic activity going?
Excellent article. Wealth can be well measured by the ability to command labor, a unit of wealth is a credit on another man’s hours. What does it mean then when national wealth is over 100% GDP (as it always is), and there are more credits then there are hours available in a year? How are these credits held over time, and what is the nature of their generation? Too many credits (1000% GDP in national wealth) and the system becomes too gummed up, too little and there is not enough to keep economic activity going?