Black Money Business Jobs : Financial terminology

Shikamaru

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Wikipedia defines asset as:

In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset. Simply stated, assets represent ownership of value that can be converted into cash (although cash itself is also considered an asset).
Assets REPRESENT ownership of value that can be converted into case.
Assets are a placeholder, substitute for value.

Bouvier's Law Dictionary (1856) defines asset as follows:

ASSETS. The property in the hands of an heir, executor, administrator or trustee, which is legally or equitably chargeable with the obligations, which such heir, executor, administrator or other trustee, is, as such, required to discharge, is called assets. The term is derived from the French word assez, enough; that is, the heir or trustee has enough property. But the property is still called assets, although there may not be enough to discharge all the obligations; and the heir, executor, &c., is chargeable in distribution as far as such property extends.
Notice all the functionaries mentioned i.e. heir, executor, and administrator are synonyms for trustee. Assets are held in a trust corpus (body).

In conclusion, what would be wealth?
Wealth, as defined by me, is the surplus of assets over and above any outstanding liabilities an entity may possess. Assets can be converted into cash if and when needed.
 

Shikamaru

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May 7, 2011
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What is value? According to Wikipedia ....

An economic value is the worth of a good or service as determined by the market.[1]
The economic value of a good or service has puzzled economists since the beginning of the discipline. First, economists tried to estimate the value of a good to an individual alone, and extend that definition to goods which can be exchanged. From this analysis came the concepts value in use and value in exchange.
Wealth maximization predicts that a person will choose to obtain the good or service in the place where it is cheapest, where the amount given up is the least.
Value is linked to price through the mechanism of exchange. When an economist observes an exchange, two important value functions are revealed: those of the buyer and seller. Just as the buyer reveals what he is willing to pay for a certain amount of a good, so too does the seller reveal what it costs him to give up the good.
Additional information about value is obtained by the rate at which transactions occur, telling observers the extent to which the purchase of the good has value over time.
Said another way, value is how much a desired object or condition is worth relative to other objects or conditions. Economic values are expressed as "how much" of one desirable condition or commodity will, or would be given up in exchange for some other desired condition or commodity. Among the competing schools of economic theory there are differing metrics for value assessment and the metrics are the subject of a "Theory of Value." Value theories are a large part of the differences and disagreements between the various schools of economic theory.
Value as defined by Bouvier's Law Dictionary (1856)

VALUE, common law. This term has two different meanings. It sometimes expresses the utility of an object, and some times the power of purchasing other good with it. The first may be called value in use, the latter value in exchange.

2. Value differs from price. The latter is applied to live cattle and ani-mals; in a declaration, therefore, for taking cattle, they ought to be said to be of such a price; and in a declaration for taking dead chattels or those which never had life, it ought to lay them to be of such a value. 2 Lilly's Ab. 620.
Value is the worth or measure of a thing.

In addition to the above definitions, we have the term valuation. From BLD (1856):

VALUATION. The act of ascertaining the worth of a thing; or it is the esti-mated worth of a thing.
2. It differs from price, which does not always afford a true criterion of value, for a thing may be bought very dear or very cheap. In some contracts, as in the case of bailments or insurances, the thing bailed or insured is sometimes valued at the time of making the contract, so that if lost, no dispute may arise as to the amount of the loss. 2 Marsh. Ins. 620; 1 Caines, 80; 2 Caines 30; Story, Bailm. §253, 4; Park Ins. 98; Wesk. Ins. h. t.; Stev. on Av. part 2; Ben. on Ins. ch. 4.
Furthermore, there is the term assessment. From BLD (1856)

ASSESSMENT. The making out a list of property, and fixing its valuation or appraisement; it is also applied to making out a list of persons, and appraising their several occupations, chiefly with a view of taxing the said persons and their property.
Can a true value be ascertained if measured by a fluctuating medium of exchange?

I assert that value can also be "pie in the sky". Case in point:

One (1) oz. gold coin is valued at $10,000.
Another (1) oz. gold coin is valued at $ 1,885.
Spot price for gold at the time of this writing stands at approximately $ 1,835.80.

What makes a 1 oz. gold coin valued at $10,000 more valuable than a 1 oz. gold coin valued at $ 1,855?
 
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