Wealth

Wealth, etymology:

mid-13c., "happiness," also "prosperity in abundance of possessions or riches," from M.E. wele "well-being" (see weal (1)) on analogy of health. Wealthy as a synonym for "rich" is recorded from early 15c.

weal (1)
"well-being," O.E. wela "wealth," in late O.E. also "welfare, well-being," from W.Gmc. *welon, from PIE base *wel- "to wish, will" (see will (v.)). Related to well (adv.).

will (v.)
O.E. *willan, wyllan "to wish, desire, want" (past tense wolde), from P.Gmc. *welljan (cf. O.S. willian, O.N. vilja, O.Fris. willa, Du. willen, O.H.G. wellan, Ger. wollen, Goth. wiljan "to will, wish, desire," Goth. waljan "to choose"), from PIE *wel-/*wol- "be pleasing" (cf. Skt. vrnoti "chooses, prefers," varyah "to be chosen, eligible, excellent," varanam "choosing;" Avestan verenav- "to wish, will, choose;" Gk. elpis "hope;" L. volo, velle "to wish, will, desire;" O.C.S. voljo, voliti "to will," veljo, veleti "to command;" Lith. velyti "to wish, favor," pa-vel-mi "I will," viliuos "I hope;" Welsh gwell "better"). Cf. also O.E. wel "well," lit. "according to one's wish;" wela "well-being, riches." The use as a future auxiliary was already developing in O.E. The implication of intention or volition distinguishes it from shall, which expresses or implies obligation or necessity. Contracted forms, especially after pronouns, began to appear 16c., as in sheele for "she will." The form with an apostrophe is from 17c.

Economic connotations:

Adam Smith:

Adam Smith, in his seminal work The Wealth of Nations, described wealth as "the annual produce of the land and labour of the society". This "produce" is, at its simplest, that which satisfies human needs and wants of utility. In popular usage, wealth can be described as an abundance of items of economic value, or the state of controlling or possessing such items, usually in the form of money, real estate and personal property. An individual who is considered wealthy, affluent, or rich is someone who has accumulated substantial wealth relative to others in their society or reference group.

Wealth can be categorized into three principal categories: personal property, including homes or automobiles; monetary savings, such as the accumulation of past income; and the capital wealth of income producing assets, including real estate, stocks, and bonds.[citation needed] All these delineations make wealth an especially important part of social stratification. Wealth provides a type of safety net of protection against an unforeseen decline in one’s living standard in the event of job loss or other emergency and can be transformed into home ownership, business ownership, or even a college education.

Max Weber:

Weber argues that Puritan ethics and ideas influenced the development of capitalism. Religious devotion, however, usually accompanied a rejection of worldly affairs, including the pursuit of wealth and possessions. Why was that not the case with Protestantism? Weber addresses this apparent paradox in the books.

To illustrate and provide an example, Weber quotes the ethical writings of Benjamin Franklin:

"Remember, that time is money. He that can earn ten shillings a day by his labor, and goes abroad, or sits idle, one half of that day, though he spends but sixpence during his diversion or idleness, ought not to reckon that the only expense; he has really spent, or rather thrown away, five shillings besides. ... Remember, that money is the prolific, generating nature. Money can beget money, and its offspring can beget more, and so on. Five shillings turned is six, turned again is seven and threepence, and so on, till it becomes a hundred pounds. The more there is of it, the more it produces every turning, so that the profits rise quicker and quicker. He that kills a breeding sow, destroys all her offspring to the thousandth generation. He that murders a crown, destroys all that it might have produced, even scores of pounds.(Italics in the original)"

Weber notes that this is not a philosophy of mere greed, but a statement laden with moral language. Indeed, Franklin claims that God revealed to him the usefulness of virtue.[1]