ABSTRACT
What is owned; the stock of assets existing at a point in time; happiness and well-being.
As households, firms and governments have distinct legal personalities, they can own property. Wealth must always be distinguished from income, despite income when saved over time becoming a wealth accumulation. In the case of a firm its balance sheet shows its assets and liabilities at a point in time; its profit-and-loss account shows net income over a time period.
