BC ECONOMY
Saved by @Jacobtldr

#WealthOfNations I.ii is all about the secret sauce origin story: why does the division of labor happen in the first place? #AdamSmith illustrates (in part) with doggos to hold our attention. (I.ii.2,5) 🐶 #WealthOfTweets #SmithTweets #DoggosDontTrade

 Divsion of labor, Smith said yesterday, is responsible for a whole heckuva lot. But who thought of it? Nobody! It's "not originally the effect of any human wisdom, which foresees and intends that general opulence to which it gives occasion." (I.ii.1) #WealthOfTweets #SmithTweets
There's no mastermind behind economic exchange, our "propensity to truck, barter, and exchange one thing for another" (I.ii.1) arises out of our natural tendency to persuade one another and better our condition. #WealthOfTweets #SmithTweets
Yeah, there's a lot in that first paragraph. #WealthOfTweets #SmithTweets
You know what's coming, right? 🍖🍻🍞 Butchers, brewers, bakers: they don't make us things because they love us. They're not our moms. (I.ii.2) #WealthOfTweets #SmithTweets
Instead, we persuade them (with money! 💰💰💰) that it's best for them to provide what we want. Everybody wins! (I.ii.2) #WealthOfTweets #SmithTweets
This may sound cynical, but this kind of cooperation is all we've got, says Smith. The world's not made of moms. We have to connect to others by division of labor. (I.ii.2) #WealthOfTweets #SmithTweets
In "civilized"—economically developed—society, we can't be atomistic. Development only happens with division of labor, and division of labor puts us "at all times in need of the co-operation and assistance of great multitudes." (I.ii.2) #WealthOfTweets #SmithTweets
Of course, our interdependence means that we each hold a kind of power over each other. That leaves us vulnerable if the system collapses. So we'd better hope that the market system is heckin' robust. (I.ii.2) #WealthOfTweets #SmithTweets
We are so dependent on one another and our ability to persuade each other to help us through the market, rather than through personal appeals, that even a beggar can't rely entirely on the kindness of others. (I.ii.2) #WealthOfTweets #SmithTweets #WeAreAllConnected
Beggars might depend on the kindness of strangers to get money, but then they have to spend it to get the things they need. They use the market, just like the rest of us. (I.ii.2) #WealthOfTweets #SmithTweets
OK, apparently the second paragraph is a doozey, too. (I.ii.2) That's just how this book rolls. #WealthOfTweets #SmithTweets
All well and good, you're probably thinking by now, but I was promised dogs. WHERE ARE THE DOGS? Well, they're not trading with each other, we can tell you that much. 🐶🙅‍♀️💰 (I.ii.2) #WealthOfTweets #SmithTweets #DoggosDontTrade
This matters a lot! Dogs can make frens at the park, but otherwise they are useless to each other, no matter how different their skills are. But people are more useful to each other the more different we become! (I.ii.5) #WealthOfTweets #SmithTweets #DoggosDontTrade
Here's Smith at his best: What makes us different from each other? Basically, the division of labor. Not our family, our wealth, our nation, or our power. We're born equal, and our habits, customs, and education determine where we end up. (I.ii.4) #WealthOfTweets #SmithTweets
So markets and the division of labor emerge because we get good at stuff and help each other out. Division of labor makes us more different from one another. Markets make those differences the basis for cooperation. (I.ii.1–5) #WealthOfTweets #SmithTweets
Tomorrow, one of @Econtalker 's favorite sections of #WealthOfNations. Stay tuned, Smithketeers! We'll see you then!

More from @AdamSmithWorks

@AdamSmithWorks
@AdamSmithWorks
@adamsmithworks
#AdamSmith, #WealthOfNations, and #CornLaws!
What more could you possibly want on a Saturday morning? (IV.v.b) #WealthOfTweets #SmithTweets


Yes, it’s the Digression Concerning the Corn Trade and Corn Laws! We can barely contain ourselves long enough to remind you that “corn” doesn’t mean 🌽 It means the principal cereal crop of a nation. (We keep saying so because we keep forgetting.) #WealthOfTweets #SmithTweets

#TLDR on #AdamSmith’s thoughts on the Corn Laws:

They’re bad. (IV.v.b.1) #WealthOfTweets #SmithTweets


Corn merchants can be broken down into four groups. Smith loves to break things down into groups.
1) Inland traders
2) Importers
3) Exporters
4) Transporters (IV.v.b.2) #WealthOfTweets #SmithTweets

If inland traders raise their prices higher than supply and demand will allow, they’ll discourage consumption beyond “thrift and good management.” People will go hungry and crops will rot.

That's bad. (IV.v.b.3) #WealthOfTweets #SmithTweets
LAW
@AdamSmithWorks
@AdamSmithWorks
@adamsmithworks
In yesterday’s discussion of colonies, #AdamSmith was really good on a lot of issues—particularly on condemning murdering Indigenous people, despoiling colonies in search of gold that ain't there, and then pretending you're doing it all for God. #WealthOfTweets #SmithTweets

Today, Smithketeers, will not be such a feel-good day. You will not be heartened. You might want to pour a cup of tea. Or something much stronger. #WealthOfTweets #SmithTweets

Smith starts by noting that the colonies of developed nations where the “natives easily give place to the new settlers” get rich and cultured faster than anywhere else.

That phrase “give place to” cloaks a lot of horrors. (IV.vii.b.1) #WealthOfTweets #SmithTweets

The reason colonies can do so well (for everyone but the Indigenous peoples, that is) is that settlers import the social, political, and technical know-how from the old country. (IV.vii.b.2) #WealthOfTweets #SmithTweets

There’s lots of land, which means you need lots of workers and are willing to pay them high wages.
Workers + land + money ➡ kids!
And more people ➡ prosperity. (IV.vii.b.2–3) #WealthOfTweets #SmithTweets
SOCIETY
Advertisement
@AdamSmithWorks
@AdamSmithWorks
@adamsmithworks
#DivisionOfLAbor, we love it! Except it *does* make it a lot harder to provide for our own wants directly. We live by exchanging and cooperating with others. (I.iv.1) #WealthOfTweets #SmithTweets

#AdamSmith is too smart to think all this exchanging and cooperating got worked out easily from the very beginning. There must have been bumps in the road. (I.iv.2) #WealthOfTweets #SmithTweets

Butchers could have so much meat to trade with bakers/brewers that they could end up with an unusable surplus of bread/beer. That stalls trade. Smart people would work to have a supply of an always-useful trade item on hand. (I.iv.2) #WealthOfTweets #SmithTweets

(We, the SmithTweeters, have never encountered a surplus of bread or beer we couldn't handle. But let’s assume Smith knows what he’s talking about.) (I.iv.2) #WealthOfTweets #SmithTweets


This is how we get money, folks! We want a stable, always desirable, easily stored, and easily transportable thing we can trade for other stuff! (I.iv.2) #WealthOfTweets #SmithTweets
SOCIETY
@AdamSmithWorks
@AdamSmithWorks
@adamsmithworks
Here we go! Tweeting our way through #WealthOfNations! It’s a marathon, not a sprint, so be sure to stretch, stay hydrated, and keep a steady pace. #WealthOfTweets #SmithTweets

That’s one heck of a first sentence, Dr. Smith. No dithering here. The division of labor is the secret sauce that increases productivity. (I.i.1) #WealthOfTweets #SmithTweets

We always forget the pin factory comes this early and that Smith looks at it not because pins are important (though they are!) but because it’s a small industry that you can look at all at once.(I.i.3) #WealthOfTweets #SmithTweets

How many pins can the SmithTweeters make in a day? How bad do you want them to be? (I.i.3) #WealthOfTweets #SmithTweets

Do you think the pin guys were all “Dude, we let you observe our work, told you how many pins in a pound, showed you every step in the process...and you call us a ‘trifling manufacture’? Not cool, Smith!” (I.i.4) #WealthOfTweets #SmithTweets
SOCIETY
@AdamSmithWorks
@AdamSmithWorks
@adamsmithworks
Everybody ready for more #WealthOfNations? Let's go!


The third sort of rude produce is the kind where human attempts to cultivate and improve it produce unpredictable results. Examples include wool and animal hides. (I.xi.m.1) #WealthOfTweets #SmithTweets

It seems like the price of these should rise right along with the price of meat, but Smith says “Not so fast!” (I.xi.m.3)
#WealthOfTweets #SmithTweets


Because this sort of produce travels much better than meat, the market is much much larger. And we all know that more competition drives prices down. (I.xi.m.4–5) #WealthOfTweets #SmithTweets

And it all gets more complicated when government gets involved, like it did in the English wool industry. (Isn’t that always the way? You should see the forms we have to fill out to get each tweet govt. approved!) (I.xi.m.8) #WealthOfTweets #SmithTweets
SOCIETY

More from Economy

Nick Hanauer
Nick Hanauer
@NickHanauer
Long rant: So earlier today, I got into a spat over the $15 minimum wage with @JamesSurowiecki and @noamscheiber. Because this disagreement over whether there is a mechanical relationship between raising wages and less jobs is incredibly consequential, I wanted to say more.
ECONOMY
Peter Foster
Peter Foster
@pmdfoster
🚨🇬🇧🇪🇺💄👠👗💅🏻🕺💃🇪🇺🇬🇧🚨
UK’s £35bn fashion industry warns of “decimation” from #brexit - big names sign open letter to @BorisJohnson urging action. Many of 50,000 SMEs on the rack due to VAT, customs and work permit issues. Stay with me/1


You can read the full text of the letter here, co-ordinated by Fashion Round Table @FashionRoundTab, but tl;dr it says that #Brexit has left a "gaping hole" in an industry that relies of free movement of professionals. It's a familiar cry /2



@FashionRoundTab The industry, already whacked by #COVID19, is now discovering that cross-border sales are a horror (VAT, Customs, long delays) and models, stylists, photographers that used to blat around Europe can't any more. They need permits, for themselves, for their gear /3

It is on one level amazing that this is only just fully dawning - as the musician industry found out recently - but fashion is not just big names and big companies. It's actually a mountain of small companies and sole traders often that feed into a huge (£35bn) industry /4

I've written about fashion models issue before (they need tier-5 sponsorship visas) and how that will erode London's status as a hub, but this goes so much wider than this - hence the #dontmakefashionhistory campaign - and comes down the lack of a mobility chapter in the deal /5
ECONOMY
Advertisement
Eric Basmajian
Eric Basmajian
@EPBResearch
Diminishing Marginal Returns

The productivity of our debt is collapsing and that is creating a major problem.

The problem is here now, and not in the future.

Here is why:

1)


Charted below is the increase in total debt and the increase in nominal GDP in the 8 quarters before each of the last six recessions.

In other words, how much did debt increase, and how much did GDP increase in the final two years of each economic expansion?

2)


As the chart shows, it is taking a larger amount of debt to increase GDP.

3)


Graphed another way, leading up to the 1980 recession it took about 1.94 dollars of debt to boost GDP by 1 dollar.

Leading up to the COVID recession saw debt increase nearly 6 dollars for each 1 dollar of GDP growth.

4)


Flipping the ratio shows the decline in the utility of debt.

We are only generating about 15-20 cents of growth for each dollar of debt.

This becomes a larger problem when we think about "growth rates" instead of nominal dollars.

5)
SOCIETY , ECONOMY
Goldy
Goldy
@GoldyHA
1/ To add a little texture to @NickHanauer's thread, it's important to recognize that there's a good reason why orthodox economists (& economic cosplayers) so vehemently oppose a $15 min wage:

The min wage is a wedge that threatens to undermine all of orthodox economic theory.


2/ Orthodox economics is grounded in two fundamental models: a systems model that describes the market as a closed equilibrium system, and a behavioral model that describes humans as rational, self-interested utility-maximizers. The modern min wage debate undermines both models.

3/ The assertion that a min wage kills jobs is so central to orthodox economics that it is often used as the textbook example of the Supply/Demand curve. Raise the cost of labor and businesses will buy less of it. It's literally Econ 101!


4/ Econ 101 insists that markets automatically set an efficient "equilibrium price" for labor & everything else. Mess with this price and bad things happen. Yet decades of empirical research has persuaded a majority of economists that this just isn't

5/ How can this be? Well, either the market is not a closed equilibrium system in which if you raise the price of labor employers automatically purchase less of it... OR the market is not automatically setting an efficient and fair equilibrium wage. Or maybe both. #FAIL
ECONOMY
LearnLifeWealthTravel | Dream Big, Think Growth !!
LearnLifeWealthTravel ...
@AnyBodyCanFly
Thread - How to spot a potential multibagger

Multiple fundamental parameters however we cannot be rigid on any of these parameters.

Be flexible to interpret things from bigger picture point of view.

Input 1 ~ No doubt on business survival

Come whatever event (health crisis, economic bubbles, economic recessions, political events, etc.), there should not be any doubt on business survival.

Earlier it used to be only food companies into this category, but now there are many.

Input 2 ~ Visible & sustainable growth potential

At any point of time, we can think with a certain common sense approach that if management wants, there can be a sustainable growth at any point of time.

Obviously this growth may come thru innovation, optimization, etc.

Input 3 ~ Management has vision towards growth

Management should be forward looking, should be able to read into future to build right growth avenues, should be considerate towards every stakeholder.

In addition management should be ethical & should have good social image too.

Input 4 ~ Promoter stake

There should be a reasonable skin in the game from promoter.

If in case there is a low promoter stake, then promoter should increase stake at every possible opportunity.

Also pledging should either be zero or minimal.
ECONOMY

You May Also Like

Billy Bostickson \U0001f3f4\U0001f441&\U0001f441 \U0001f193
Billy Bostickson 🏴👁&👁 ...
@BillyBostickson
Tip from the Monkey
Pangolins, September 2019 and PLA are the key to this mystery
Stay Tuned!


1. Yang


2. A jacobin capuchin dangling a flagellin pangolin on a javelin while playing a mandolin and strangling a mannequin on a paladin's palanquin, said Saladin
More to come tomorrow!


3. Yigang Tong
https://t.co/CYtqYorhzH
Archived: https://t.co/ncz5ruwE2W


4. YT Interview
Some bats & pangolins carry viruses related with SARS-CoV-2, found in SE Asia and in Yunnan, & the pangolins carrying SARS-CoV-2 related viruses were smuggled from SE Asia, so there is a possibility that SARS-CoV-2 were coming from
ALL
Erik Torenberg
Erik Torenberg
@eriktorenberg
1/“What would need to be true for you to….X”

Why is this the most powerful question you can ask when attempting to reach an agreement with another human being or organization?

A thread, co-written by @deanmbrody:


2/ First, “X” could be lots of things. Examples: What would need to be true for you to

- “Feel it's in our best interest for me to be CMO"
- “Feel that we’re in a good place as a company”
- “Feel that we’re on the same page”
- “Feel that we both got what we wanted from this deal

3/ Normally, we aren’t that direct. Example from startup/VC land:

Founders leave VC meetings thinking that every VC will invest, but they rarely do.

Worse over, the founders don’t know what they need to do in order to be fundable.

4/ So why should you ask the magic Q?

To get clarity.

You want to know where you stand, and what it takes to get what you want in a way that also gets them what they want.

It also holds them (mentally) accountable once the thing they need becomes true.

5/ Staying in the context of soliciting investors, the question is “what would need to be true for you to want to invest (or partner with us on this journey, etc)?”

Multiple responses to this question are likely to deliver a positive result.
LIFE
Advertisement
Hypertroph | Fitness Coach
Hypertroph | Fitness C...
@CoachHypertroph
Transform your body in next 6 months.

People will charge INR 27,000+ for this course.

I am giving away the entire course for FREE:


Module 1:
Build your Fat Loss Diet Plan

· Step by Step Tutorial
· Length: 26

Module 2:
Learn how to easily track your calories/macros.

· Step by Step Tutorial
· Length: 17

Module 3:
Calculate how many weeks it will take to reach six pack.

. Math behind building six pack
· Length: 12

Module 4:
Learn how to Burn Belly Fat in 3 steps

· Science behind belly fat
· 100% Works
· Length: 15
WORKOUTS
Jaya_Upadhyaya
Jaya_Upadhyaya
@Jayalko1
SRI VARAHA NARSIMHA, SIMHACHALAM, VIZAG (AP)
#bharatmandir

One of the 32 Narsimha Kshetram of Andhra. It has a unique form of Narsimha, appearing like a shivlingam

It is said that Narsimha’s fierce nature is soothed by worshipping him with Varaha, considered a peaceful deity


The shrine is believed to have been constructed by Prahlada. With time, it crumbled.
In Treta yuga, King Pururava was passing from here in his vimana. The vimana was attracted to this place by a mystic power.
When the place was unearthed, the deity was found.
@GunduHuDuGa


Pururava’s wife, Urvashi, had a dream that the deity should remain covered in sandalwood paste for the whole year except on Akshaya Tritiya.
This practice has continued till date.
The mukhya mandap here, has a pillar kappam stambham believed to possess curative powers.


Chandanotsava/ Chandan Yatra is the most important festival celebrated on Akshaya Tritiya. The sandalwood paste is removed from the moolavar deity and nijarupa darshan (original form of deity) for twelve hours of the day are done by devotees.
ALL
Homestays & Villas
Homestays & Villas
@thehomestays
Best resort on the Ganga at Rishikesh
TRAVEL , TRAVELINDIA , PLACES 2TRAVEL