On The Wealth of Nations

Some would say the wealth of a nation is in its material possessions. This is perhaps true from a national perspective, but from an individual perspective, the wealth of a nation could be said to be the material possessions of a nation divided by its population. This is an incomplete and shortsighted view.

Others would argue that the wealth of a nation is the well-being of its population. I tend to this view, but both are at least loosely related. With little material wealth there is likely to be little sense of well-being.

The potential of a nation to create goods and many services that contribute to happiness could be expressed in a formula as follows:

The character of a nation includes both the honesty and work-ethic of its people. Character can be developed by behavior modification and education.

Without honesty a great portion of the psychic energy of people will be expended on protecting themselves from dishonesty or even violence. It is difficult for honesty to be carried to an extreme. Perhaps it is possible as for an example where one would be willing to starve before stealing from a person with an excess, but an excess of honesty would be hard to find.

Without a work-ethic people will not work without coercion and will not therefore produce the goods or services necessary for their own well-being. With coercion they will not be happy about their work. The best way for a society to build a work ethic among its people is to allow the people to keep most of the fruits of their labor and not to freely provide similar benefits to those who can and choose not to work.

Without natural resources available through local production or trade, options that would otherwise be available to a population are foreclosed. Similarly, without capital it is difficult to fully exploit the otherwise available options.

The formula does not fully take into account the effects of the environment on well-being. Oppressive weather conditions can cause discomfort or even death. People have little control over the weather. They can avoid utilizing land that is prone to flood. They can build shelter. They can avoid excessively hot or cold regions.

This paper is not complete. As this paper progresses, we will explore how society now fails to maximize the benefits people could have available to them and what options would correct the problems. Not the least of these is controlling the population.

Jim Fuqua

30 December 2006