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55-451: The Queensland Public Service provides public services to the people of Queensland , Australia on behalf of the Government of Queensland . Typically these are services that are deemed important by the government and which the government believes will be delivered less efficiently, effectively or cheaply if outsourced to the private marketplace. The Queensland Premier selects a subset of

110-491: A hunter-gatherer lifestyle. Those who had gathered abundant burial-site tools, weapons, baskets, and food, were considered part of the wealthy. Adam Smith , in his seminal work The Wealth of Nations , described wealth as "the annual produce of the land and labor of the society". This "produce" is, at its simplest, a good or service which satisfies human needs, and wants of utility . In popular usage, wealth can be described as an abundance of items of economic value , or

165-408: A normative process with various ethical implications, since often wealth maximization is seen as a goal or is thought to be a normative principle of its own. A community , region or country that possesses an abundance of such possessions or resources to the benefit of the common good is known as wealthy. The United Nations definition of inclusive wealth is a monetary measure which includes

220-608: A public good (being non rivalrous and non excludable), but most are services which may (according to prevailing social norms ) be under-provided by the market . In most cases public services are services , i.e. they do not involve manufacturing of goods . They may be provided by local or national monopolies, especially in sectors that are natural monopolies . They may involve outputs that are hard to attribute to specific individual effort or hard to measure in terms of key characteristics such as quality. They often require high levels of training and education. They may attract people with

275-511: A Minister. Statutory authorities have varying degrees of independence to the government and public service. Some statutory authorities are dependent on government subsidies and grants and hence likely to very highly attuned to the wishes of the Minister and/or Director-General; others are funded in other ways (e.g. providing services) and enjoy greater independence as a consequence. However, as all statutory authorities exist under Queensland legislation,

330-695: A collection of things limited in supply, transferable, and useful in satisfying human desires. Scarcity is a fundamental factor for wealth. When a desirable or valuable commodity (transferable good or skill) is abundantly available to everyone, the owner of the commodity will possess no potential for wealth. When a valuable or desirable commodity is in scarce supply, the owner of the commodity will possess great potential for wealth. 'Wealth' refers to some accumulation of resources (net asset value), whether abundant or not. 'Richness' refers to an abundance of such resources (income or flow). A wealthy person, group, or nation thus has more accumulated resources (capital) than

385-526: A global initiative which aims to influence the provision of public services and infrastructure for marginalized demographics. Governing bodies have long provided core public services. The tradition of keeping citizens secure through organized military defense dates to at least four thousand years ago. Maintaining order through local delegated authority originated at least as early as the Warring States period (5th to 3rd centuries BCE) in ancient China with

440-472: A new record high of US$ 56,540 per adult. Tim Harford has asserted that a small child has greater wealth than the 2 billion poorest people in the world combined, since a small child has no debt. According to the 2021 global wealth report by McKinsey & Company , the worldwide total net worth is currently at US$ 514 trillion in 2020, with China being the wealthiest nation with net worth of US$ 120 trillion. Another report, by Credit Suisse in 2021, suggests

495-505: A person who the Minister believe shares their vision. While such Directors-General are technically public servants, they are generally regarded as political appointments and their tenure is often linked to the tenure of the Minister. A statutory authority is an organisation established under separate legislation to manage a particular aspect of government administration. Most statutory bodies have their own board of management, selected or appointed in different ways. However, all must report to

550-412: A point in time. For national wealth as measured in the national accounts , the net liabilities are those owed to the rest of the world. The term may also be used more broadly as referring to the productive capacity of a society or as a contrast to poverty . Analytical emphasis may be on its determinants or distribution . Economic terminology distinguishes between wealth and income. Wealth or savings

605-407: A poor one. The opposite of wealth is destitution. The opposite of richness is poverty . The term implies a social contract on establishing and maintaining ownership in relation to such items which can be invoked with little or no effort and expense on the part of the owner. The concept of wealth is relative and not only varies between societies, but varies between different sections or regions in

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660-446: A private corporation runs a natural monopoly , then the corporation is typically heavily regulated, to prevent abuse of monopoly power. Lastly, the government can buy the service on the free market. In many countries, medication is provided in this manner: the government reimburses part of the price of the medication. Also, bus traffic, electricity, healthcare and waste management are privatized in this way. One recent innovation, used in

715-469: A public service ethos who wish to give something to the wider public or community through their work. The process of assessing the needs of the people of an area, and then designing and securing an appropriate public service to meet those needs, is often referred to in the UK as commissioning . The commissioned services may be delivered by organisations in the public sector, private sector or third sector : when

770-520: A type of public service. In modern developed countries , the term "public services" (or "services of general interest") often includes: In developing countries , public services tend to be much less well developed. For example, water services might only be available to the wealthy middle class . For political reasons, the service is often subsidized , which reduces the finance potentially available for expansion to poorer communities. The United Nations Sustainable Development Goal 5 is, however,

825-633: A white paper published by the Cameron–Clegg coalition in the United Kingdom in July 2011, aimed to create a comprehensive policy framework for "good public services ". It set out the coalition's programme for reform of public services, described as a programme of "wide ambitions" expected to be implemented over a period of time, not all at once. Five principles were to underlie open public services: The journalist David Boyle conducted an independent review for

880-412: Is a stock variable – that is, it is measurable at a date in time, for example the value of an orchard on December 31 minus debt owed on the orchard. For a given amount of wealth, say at the beginning of the year, income from that wealth, as measurable over say a year is a flow variable. What marks the income as a flow is its measurement per unit of time, such as the value of apples yielded from

935-542: Is distributed in North America, Europe, and "rich Asia-Pacific " countries, and in 2008, 1% of adults were estimated to hold 40% of world wealth, a number which falls to 32% when adjusted for purchasing power parity . According to Richard H Ropers, the concentration of wealth in the United States is "inequitably distributed". In 2013, 1% of adults were estimated to hold 46% of world wealth and around $ 18.5 trillion

990-420: Is divided into upper , middle , and lower , with each further subdivided (e.g., upper middle class ). The upper class are schooled to maintain their wealth and pass it to future generations. The middle class views wealth as something for emergencies and it is seen as more of a cushion. This class comprises people that were raised with families that typically owned their own home, planned ahead and stressed

1045-575: The Grundrisse between material wealth and human wealth, defining human wealth as "wealth in human relations"; land and labour were the source of all material wealth. The German cultural historian Silvio Vietta links wealth/poverty to rationality. Having a leading position in the development of rational sciences, in new technologies and in economic production leads to wealth, while the opposite can be correlated with poverty . The wealth of households worldwide amounts to US$ 280 trillion (2017). According to

1100-518: The Department of Education and Training and the Queensland Police Service . Public service Even where public services are neither publicly provided nor publicly financed , they are usually subject to regulation going beyond that applying to most economic sectors for social and political reasons. Public policy , when made in the public's interest and with its motivations, is

1155-618: The Members of the Queensland Legislative Assembly to be ministers who collectively form the Cabinet . Typically the ministers are members of the same political party as the premier or a closely aligned party. Each minister is assigned one or more portfolios (areas of responsibility), e.g. Each portfolio has an associated set of departments and agencies which work to provide a wide range of public services related to that portfolio and

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1210-515: The World wars of the first half of the twentieth century. In parts of Europe , central planning was implemented in the belief that it would make production more efficient. Many public services, especially electricity, fossil fuels and public transport are products of this era. Following the Second World War, many countries also began to implement universal health care and expanded education under

1265-448: The natural capital and the infrastructural capital , became the focus of the analysis of wealth . Adam Smith saw wealth creation as the combination of materials, labour, land, and technology. The theories of David Ricardo , John Locke , John Stuart Mill , in the 18th century and 19th century built on these views of wealth that we now call classical economics . Marxian economics ( see labor theory of value ) distinguishes in

1320-472: The present value projected future outlays considered to be liabilities. Macroeconomic questions include whether the issuance of government bonds affects investment and consumption through the wealth effect . Environmental assets are not usually counted in measuring wealth, in part due to the difficulty of valuation for a non-market good . Environmental or green accounting is a method of social accounting for formulating and deriving such measures on

1375-600: The standard of living in modern societies for even the poorest of people. This comparative wealth across time is also applicable to the future; given this trend of human advancement, it is possible that the standard of living that the wealthiest enjoy today will be considered impoverished by future generations . Industrialization emphasized the role of technology. Many jobs were automated. Machines replaced some workers while other workers became more specialized. Labour specialization became critical to economic success. Physical capital , as it came to be known, consisting of both

1430-809: The Minister can assert control by changing the legislation within the Queensland Parliament . Strictly, employees of statutory authorities are not part of the Queensland Public Service, but where their positions are funded by the Queensland Government they are often treated as members of the Queensland Public Service for statistical and budgetary purposes. At 30 June 2015, there were 243,163 staff (203,348.50 full-time equivalent) employees in 20 Queensland Government departments and 15 other organisations included for statistical purposes. The three largest government employers are Queensland Health ,

1485-551: The UK found that private sector hiring managers do not credit government experience as much as private sector experience. Public workers tend to make less in wages when adjusting for education, although that difference is reduced when benefits and hours are included. Public servants have other intangible benefits such as increased job security and high wages. A study concluded that public services are associated with higher human need satisfaction and lower energy requirements while contemporary forms of economic growth are linked with

1540-399: The UK increasingly as well as Australia and Canada, is using public-private partnerships , which involve giving a long lease to private consortia in return for partly or fully funding infrastructure costs. Wealth Wealth is the abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions . This includes

1595-605: The UK's Treasury and the Cabinet Office on public demand for choice in public services which reported in 2013. The principle of choice where possible was embodied in the Choice Charter, published on 16 May 2013, where four choice principles were outlined: Between December 2012 and May 2013, "Choice Frameworks" were scheduled for publication covering NHS care, social housing , school education, early years education and adult social care . Nationalization took off following

1650-552: The US) by Public Utility Commissions . Examples noted in a history of public services in Oxford include street-repair, cleansing, and lighting , drainage and sewage disposal, water, gas and electricity supply, police and fire services, the Post Office, transport, hospital services, and the provision of baths , parks and cemeteries . A public service may sometimes have the characteristics of

1705-420: The accounting term ' net worth ', but is measured differently. Accounting measures net worth in terms of the historical cost of assets while economics measures wealth in terms of current values. But analysis may adapt typical accounting conventions for economic purposes in social accounting (such as in national accounts ). An example of the latter is generational accounting of social security systems to include

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1760-510: The accumulation of past income ; and the capital wealth of income producing assets, including real estate , stocks , bonds , and businesses . All these delineations make wealth an especially important part of social stratification . Wealth provides some people "safety nets" of protection against unforeseen declines in their living standard in the event of emergency and can be transformed into home ownership, business ownership, or college education by its expenditure. Wealth has been defined as

1815-471: The administration of legislation related to that portfolio. The leader of each department is known as the Director-General , who is the chief executive officer for the department and reports to the relevant Minister. The Director-General then employs staff within the department to provide the services. The Directors-General and their staff are generally known collectively as the Queensland Public Service and

1870-536: The argument that an educated valuation is superior to a value of zero (as the implied valuation of environmental assets). Social class is not identical to wealth, but the two concepts are related (particularly in Marxist theory ), leading to the concept of socioeconomic status . Wealth at the individual or household level refers to value of everything a person or family owns, including personal property and financial assets . In both Marxist and Weberian theory, class

1925-425: The basis of wealth, such as from Principles of Political Economy by John Stuart Mill , The Wealth of Nations by Adam Smith , Capital by Karl Marx , etc. Over the history, some of the key underlying factors in wealth creation and the measurement of the wealth include the scalable innovation and application of human knowledge in the form of institutional structure and political/ideological "superstructure",

1980-403: The core meaning as held in the originating Old English word weal , which is from an Indo-European word stem. The modern concept of wealth is of significance in all areas of economics , and clearly so for growth economics and development economics , yet the meaning of wealth is context-dependent. A person possessing a substantial net worth is known as wealthy . Net worth is defined as

2035-425: The current value of one's assets less liabilities (excluding the principal in trust accounts). At the most general level, economists may define wealth as "the total of anything of value" that captures both the subjective nature of the idea and the idea that it is not a fixed or static concept. Various definitions and concepts of wealth have been asserted by various people in different contexts. Defining wealth can be

2090-554: The eighth edition of the Global Wealth Report, in the year to mid-2017, total global wealth rose at a rate of 6.4%, the fastest pace since 2012 and reached US$ 280 trillion, a gain of US$ 16.7 trillion. This reflected widespread gains in equity markets matched by similar rises in non-financial assets, which moved above the pre-crisis year 2007's level for the first time this year. Wealth growth also outpaced population growth, so that global mean wealth per adult grew by 4.9% and reached

2145-449: The fixation on measurable wealth: "Unsere 'Reichen' – das sind die Ärmsten! Der eigentliche Zweck alles Reichtums ist vergessen!" ("Our 'rich people' – those are the poorest! The real purpose of all wealth has been forgotten!") In economics , wealth (in a commonly applied accounting sense, sometimes savings ) is the net worth of a person, household, or nation – that is, the value of all assets owned net of all liabilities owed at

2200-452: The funding and guidance of the state. There are several ways to privatize public services. A free-market corporation may be established and sold to private investors, relinquishing government control altogether. Thus it becomes a private (not public) service. Another option, used in the Nordic countries , is to establish a corporation, but keep ownership or voting power essentially in the hands of

2255-513: The government. For example, the Finnish state owned 49% of Kemira until 2007, the rest being owned by private investors. A 49% share did not make it a "government enterprise", but it meant that all other investors together would have to oppose the state's opinion in order to overturn the state's decisions in the shareholder's meeting. A regulated corporation can also acquire permits on the agreement that they fulfill certain public service duties. When

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2310-415: The importance of education and achievement. They earn a significant income and consume many things, typically limiting their savings and investments to retirement pensions and home ownership. Below the middle class, the working class and poor have the least amount of wealth, with circumstances discouraging accumulation of assets. Although precise data are not available, the total household wealth in

2365-505: The institution of xiàn (prefectures) under the control of a centrally appointed prefect. Historical evidence of state provision of dispute resolution through a legal/justice system goes back at least as far as ancient Egypt. A primary public service in ancient history involved ensuring the general favor of the gods through a theologically and ceremonially correct state religion . The widespread provision of public utilities as public services in developed countries usually began in

2420-551: The late nineteenth century, often with the municipal development of gas and water services. Later, governments began to provide other services such as electricity and health care . In most developed countries, local or national governments continue to provide such services, the biggest exceptions being the U.S. and the UK , where private provision is arguably proportionally more significant. Nonetheless, such privately provided public services are often strongly regulated, for example (in

2475-479: The opposite. Authors find that the contemporary economic system is structurally misaligned with goals of sustainable development and that to date no nation can provide decent living standards at sustainable levels of energy and resource use. They provide analysis about factors in social provisioning and assess that improving beneficial provisioning-factors and infrastructure would allow for sustainable forms of sufficient need satisfaction. Open Public Services ,

2530-435: The orchard per year. In macroeconomic theory the ' wealth effect ' may refer to the increase in aggregate consumption from an increase in national wealth . One feature of its effect on economic behavior is the wealth elasticity of demand , which is the percentage change in the amount of consumption goods demanded for each one-percent change in wealth. There are several historical developmental economics points of view on

2585-537: The personnel are known as public servants. Unlike Ministers, who are chosen by elections and political processes, Directors-General and their staff are traditionally selected on merit to positions which are independent of the elections and political processes. However, as some Ministers have felt their vision for their portfolios have been frustrated by a Director-General who did not embrace their vision, Directors-General are now sometimes replaced by an incoming Minister who makes their own appointment (often by invitation) of

2640-731: The private or third sector is involved the process of commissioning will usually be linked with a process of procurement , to determine who will provide the services, at what cost and on what terms. Commissioning is often seen as a cyclical process. Public services can be constructed, coordinated and operated in many ways or forms. They include government agencies, independent state -funded institutes, government-coordinated organizations, civil society, military agencies and volunteers. Government agencies are not profit-oriented and their employees are often motivated differently. Studies of their work have found contrasting results including both higher levels of effort and fewer hours of work. A survey in

2695-409: The same society. A personal net worth of US$ 10,000 in most parts of the United States would certainly not place a person among the wealthiest citizens of that locale. Such an amount would constitute an extraordinary amount of wealth in impoverished developing countries . Concepts of wealth also vary across time. Modern labor-saving inventions and the development of the sciences have vastly improved

2750-480: The scarce resources (both natural and man-made), and the saving of monetary assets. Wealth may be measured in nominal or real values – that is, in money value as of a given date or adjusted to net out price changes. The assets include those that are tangible ( land and capital ) and financial (money, bonds, etc.). Measurable wealth typically excludes intangible or nonmarketable assets such as human capital and social capital . In economics, 'wealth' corresponds to

2805-537: The state of controlling or possessing such items, usually in the form of money , real estate and personal property . A person considered wealthy, affluent, or rich is someone who has accumulated substantial wealth relative to others in their society or reference group. In economics, net worth refers to the value of assets owned minus the value of liabilities owed at a point in time. Wealth can be categorized into three principal categories: personal property , including homes or automobiles; monetary savings, such as

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2860-547: The sum of natural, human, and physical assets. Natural capital includes land, forests, energy resources , and minerals. Human capital is the population's education and skills. Physical (or "manufactured") capital includes such things as machinery, buildings, and infrastructure. Around 35,000 years ago Homo sapiens groups began to adopt a more settled lifestyle, as evidenced by cave drawings, burial sites, and decorative objects. Around this time, humans began trading burial-site tools and developed trade networks, resulting in

2915-444: The total wealth of the US exceeded that of China, US$ 126.3 trillion to US$ 74.9 trillion. In Western civilization, wealth is connected with a quantitative type of thought, invented in the ancient Greek "revolution of rationality", involving for instance the quantitative analysis of nature, the rationalization of warfare, and measurement in economics. The invention of coined money and banking

2970-586: The world, excluding the value of human capital , has been estimated at $ 418.3 trillion (US$ 418.3×10 ) at the end of the year 2020. For 2018, the World Bank estimated the value of the world's produced capital, natural capital, and human capital to be $ 1,152 trillion. According to the Kuznets curve , inequality of wealth and income increases during the early phases of economic development, stabilizes and then becomes more equitable. As of 2008 , about 90% of global wealth

3025-465: Was particularly important. Aristotle describes the basic function of money as a universal instrument of quantitative measurement – "for it measures all things [...]" – making things alike and comparable due to a social "agreement" of acceptance. In that way, money also enables a new type of economic society and the definition of wealth in measurable quantities, such as gold and money. Modern philosophers like Nietzsche criticized

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