Now I would caution that one not “get stuck” in that type of rigid thinking that implies that only certain types of production “count”. That is there are those who think that the only things that count as production is tangible wealth with easily appraised value. Cars, houses, electronic devices, fuel, etc. etc. But Sloth hang in there everything’s gonna be alright simply southers shirt there are many less tangible things that have value, enhance standard of living, and quality of life, and even help make for conditions that reduce the destruction of some of those more tangible and easily appraised items of wealth. I leave it to the reader to think of things that are worth paying for that enhanced and improve conditions on earth, the worth of which, and the pricing of which, is not always so straightforward and easy to estimate, or for which assignment of value is a subjective thing, yet which certainly must be considered as part of our “total wealth”.
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The first part, the savings that is the preservation of investment does not represent any change in the level of wealth. Reducing spending will not, in and of itself, cause any reduction in the level of wealth. This is because whether a given amount of money is used for spending or not, it still exists in the same amount at the end of the given time period. Reducing spending does not cause any increase in the money possessed in the economy Sloth hang in there everything’s gonna be alright simply southers shirt overall. For those individuals who did not spend, they have more, but for those who would have been the recipients of that spending, they have less. Just a comment that for total wealth on the wealth axis, one can try to value it by estimating the value of each part of the wealth to get one number, or one can divide it up like an inventory and try to value each category. Net production then might be an accounting of what the current period of economic activity would do to each category, instead of having net production just being a positive or negative number added to or subtracted from total wealth.