Seems like that would be more what I consider capital than what I consider as wealth.
But perhaps he was also thinking, but not really articulating, about things like network effects Smithian external economies. Your wealth increases, which increased the total wealth in society, which increases the size (extent?) or the market, which shifts the margins on specialization and increases in specialization result in further increases in productivity....
I have not read the essay but wondering if perhaps Graham was perhaps focusing on social wealth rather than just individual wealth.
Nah he talks about individual wealth.
Seems like that would be more what I consider capital than what I consider as wealth.
But perhaps he was also thinking, but not really articulating, about things like network effects Smithian external economies. Your wealth increases, which increased the total wealth in society, which increases the size (extent?) or the market, which shifts the margins on specialization and increases in specialization result in further increases in productivity....