Material wealth is?

Question

an objective measure of the value of one's possessions.

only one of several components of wealth, since wealth can include leisure, health, and happiness.

the only thing that economists are interested in, all else falls in the realm of philosophy.

a flow of financial receipts over time.

Answer 1

Economists, above all people, value leisure, health and happiness.  It just so happens that a larger real GDP means more opulent leisure, better health and more happiness.  So, it goes without saying that an economy that can better use their scarce resources will live a better life.