Having made that definition of Peach Bowl Champions Oklahoma Sooners 2019 shirt, I note that I consider income to be the complement of spending. Any spending causes the recipient to gain income of the same amount. Income therefore, is always equal to spending. In the macroeconomy, total income is equal to total spending. We need to make clear that here I am talking about gross income, and gross spending, that is we are talking about ALL transfers of ownership of money for a purpose. In order to have my definition of savings include any change in the level of wealth, I realized that I had to do just that.
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Add to the definition of savings that comes out of a Peach Bowl Champions Oklahoma Sooners 2019 shirt, the amount of any changes in the total level of wealth of that economy. And actually not just add the amount of wealth created, but also to subtract off the amount of wealth depleted. So any spending that occurs, does not directly cause a change in level of wealth. It is only the net production of wealth that affects the level of wealth. And even though spending, and the economic activity it promotes can lead to production of wealth, a given amount of spending and income does not absolutely or uniquely determine the amount of net production that occurs.