Gopinath VadirajaRao Bangalore
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Gopinath VadirajaRao Bangalore: No affiliation
General Economics and Teaching from EconWPA
The branch of science (or Economics) that deals with nature, properties, laws and classification of wealth is yet to be named. This branch of science is a mirror image of chemistry. The utility ( I call utility as all that a human being needs) is similar to water. The utility complex of every economic entity, be it an individual or a family or a society or state or nation consists of two components- A) WANTS that consist of goods and services and B)MEANS that consist of money and money related forms of wealth. Every economic entity tries to attain equilibrium between wants and means. If wants are more than means, due to application of Law of Conservation, costlier wants are replaced by cheaper wants or some wants are transfered from Current Wants category to furure Wants category. Wants and Means are forms of wealth and hence cannot be created or destroyed but can be changed to other forms. This leads us to classification of wealth.
Keywords: Law of Conservation; Wants and Means (search for similar items in EconPapers)
JEL-codes: A (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hpe
Note: Type of Document - doc; pages: . Utility is form of of wealth. The utility consists of two components- Wants and Means. Wants and Means are forms of wealth.
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