Comments on: Defining Wealth

By: Michael

Michael — Fri, 02 Sep 2005 16:12:00 +0000

Yes, we are truly blessed by modern medicine & technology. The article was well written. Thanks.

By: colin

colin — Tue, 07 Jun 2005 21:53:41 +0000

On a historical note,George Gipp died of strep throat.Let’s see,who played The”Gipper” in his most famous role?

By: Shenzhen Ren

Shenzhen Ren — Tue, 07 Jun 2005 09:27:44 +0000

You are wealthier than you imagine

If you live in the developed world, that is. Especially in the US, and that’s not intended to discount any other nation’s progress. While I was in Texas (I’m back in China now), I had a conversation with an older gentleman, even older than me, I mean…

By: Sandy P

Sandy P — Tue, 07 Jun 2005 02:34:48 +0000

There’s more scarlet fever going around. My daughter’s girlfriend had it with few symptoms, but that can be deadly.

Everything old is new again.

What a great analogy.

It will be useful.

By: Lead and Gold

Lead and Gold — Tue, 07 Jun 2005 00:30:17 +0000

Defining wealth

Shannon Love has a must read post over at Chicago Boyz.

By: Dove

Dove — Mon, 06 Jun 2005 23:22:26 +0000

Very insightful. Thank you for writing that.

By: Lori Hiteshew

Lori Hiteshew — Mon, 06 Jun 2005 18:11:42 +0000

Shannon, what you are describing is called “opportunity cost” in economic terms. It is the value in the things that have no price, and commonly compared to those items of luxury with a price tag.

In personal terms, the opportunity cost of spending a Friday night drinking with your friends could be the amount of money you could have earned if you had devoted that time to working overtime.

Opportunity cost need not be assessed in monetary terms, but rather, is assessed in terms of anything that is of value to the person or persons doing the assessing. The consideration of opportunity costs is one of the key differences between the concepts of economic cost and accounting cost. Assessing opportunity costs is fundamental to assessing the true cost of any course of action. In the case where there is no explicit accounting or monetary cost (price tag) attached to a course of action, ignoring opportunity costs may produce the illusion that its benefits cost nothing at all. The unseen opportunity costs then become the hidden costs of that course of action.

I try to keep a close eye on my own “opportunity costs” because it is so easy to turn an envious eye to the proverbial “Jonses.”

By: Ginny

Ginny — Mon, 06 Jun 2005 16:02:10 +0000

Shannon,
Thanks for the thought for the day. You always help put things in perspective–because your perspective is so much broader. Surely the fact that the chances are pretty good we’ll see our kids reach maturity makes for greater happiness than we can imagine. Thanks for making us remember that – as well as appreciate the breadth of our luck.

A doctor who was asked to save a wealthy & famous person a 15 or so years ago told me the family implied that by offering money and leveraging their status a cure would appear. They believed that the (major research hospital) had some cure in reserve, waiting for the rich & powerful to tap it. The doctor was bemused & offended; while not identifying the family, the hints were that it possessed money, status, and s member who repeatedly insists on a role as sentimental rep of the poor uninsured in the senate.

Life trumps all. And this sense that being equal is more important than being free is the great enslaver (of our minds as well as our bodies).

On a more mundate note than Shannon’s, look at the quite accessible Walmart or Target: whatever our tastes, the music we hear, the drama we watch or the books we read are acccessible in a way they weren’t to even the robber barons; we choose from a broader array of clothes, food, and hobbies.

Thanks again, Shannon.