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Curated by: Richard J Murphy (21 videos)
Money is not wealth. That single distinction is one of the most important things economics has to teach, and we have been getting it wrong. Wealth is the stock of homes, land, businesses, infrastructure, knowledge, skills, health, natural resources and public institutions a society holds at a point in time. Income is the flow; what we can consume over time. But financial wealth, such as money, government bonds, and bank deposits, is something else entirely. It is a claim on real wealth, not real wealth itself. Government bonds are wealth to their owner but a liability to the government. Bank deposits are wealth to the saver but a liability to the bank. Creating more of these claims does not create more houses, more hospitals, or more skills. It simply redistributes what already exists. Take a house as an example. You can increase a home's value by taking out a bigger mortgage, and on paper your financial wealth has grown. But the house is the same house. No new bedrooms, no new kitchen, and no new real wealth has been created by increasing its price. What has changed is the claim on it, and the power that claim represents. This matters. Partly that is because private wealth cannot exist without public wealth. The roads, schools, hospitals and legal systems that make economic activity possible are public wealth, but poverty prevents some people from even having access to them. At the same time, financial claims are now distributed so unequally that they distort the economy, push up the price of land and housing, and create real poverty without creating any new real wealth. Tax and regulation are not theft from wealth creators. They are how a society restores balance, reduces excessive concentrations of financial claims, and makes sure the economy serves shared prosperity rather than a handful of balance sheets. You can watch the rest of this series here: https://www.youtube.com/playlist?list=PLaSguNBvHIto Take a look at today's poll: https://www.youtube.com/post/Ugkx-UJPtw6s4ToL6aZilv3R7R29ZIADZI2L 00:00 What Is Wealth? 01:04 Wealth Is More Than Money 01:50 Why Wealth Matters 02:48 How Real Wealth Is Created 03:36 Private Wealth Depends on Public Wealth 04:38 Real Wealth vs Financial Wealth 05:45 More Financial Wealth Doesn’t Mean More Prosperity 06:35 Who Owns Wealth? 07:22 How Wealth Creates Economic Power 08:07 Why Tax and Regulation Matter 08:35 Creating Real Wealth for Everyone TRANSCRIPT A transcript for this video is available at: https://www.taxresearch.org.uk IF YOU WANT TO WRITE TO YOUR MP ABOUT ISSUES IN THIS VIDEO If you want to write a letter to your MP on the issues raised in this blog post, there is a ChatGPT prompt to assist you in doing so, with full instructions, here. https://www.taxresearch.org.uk/Blog/2025/06/20/chatgpt-prompt-for-a-letter-to-your-mp/ HOW TO SUPPORT US Please consider donating: https://ko-fi.com/taxresearch ABOUT RICHARD MURPHY Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’. This video was edited by Thomas Murphy. RICHARD MURPHY ON BLUESKY: https://bsky.app/profile/richardjmurphy.bsky.social OR ON MY BLOG: http://www.taxresearch.org.uk/Blog/ HIT SUBSCRIBE & GET NOTIFICATIONS Subscribe and get notified of new videos released. INTRODUCTION: https://www.youtube.com/watch?v=HdHsRPy3060 PLAYLISTS: The Wealth Series https://www.youtube.com/playlist?list=PLvRueM6wBgobQLeyZYAagFDMjEFTKbhRD Ecenomics https://www.youtube.com/playlist?list=PLvRueM6wBgob54Gs-fOL-8OAQ-IpduwB4 Britain https://www.youtube.com/playlist?list=PLvRueM6wBgobwTT4ATvJjsf8OO6S7wD10 Tax https://www.youtube.com/playlist?list=PLvRueM6wBgoaMni_12J6ULp3yUJisUZoY MMT https://www.youtube.com/playlist?list=PLvRueM6wBgoZ6jvRGSW5YXu8qogE6aClX Money https://www.youtube.com/playlist?list=PLvRueM6wBgoYnLk1c7syTvoIo8bKYUs5m Climate Change https://www.youtube.com/playlist?list=PLvRueM6wBgob4_wsYaVivWd2WumpPLYwJ USA https://www.youtube.com/playlist?list=PLvRueM6wBgoYYd3dSyU2Oyl3x7bWJOP7H Labour https://www.youtube.com/playlist?list=PLvRueM6wBgoa-KhzG-fnjDSg1WROL1zMw The Trump Administration https://www.youtube.com/playlist?list=PLvRueM6wBgobz41-GLimTho27A3flVWQx #Wealth #WealthInequality #FinancialWealth #UKEconomy #RichardMurphy #FundingTheFuture