BC SOCIETY
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Happy New Year! On Monday, we start tweeting about #AdamSmith 's whole #WealthOfNations at the rate of about a chapter a day! Don’t miss it! #WealthOfTweets #SmithTweets

 Today, we’re looking at “The Introduction and Plan of the Work” because although it is New Year’s Day, we, the SmithTweeters, are still Very Serious Smith Scholars. #WealthOfTweets #SmithTweets
TFW you start reading “The Introduction and Plan of the Work” and realize that elevator speeches were invented before elevators. #WealthOfTweets #SmithTweets
How hard people work &how many are working is more important to national wealth than resources &climate. So much for Montesquieu et al saying climate determines levels of industriousness or laziness. (Int. 3) #WealthOfTweets #SmithTweets
We swear we’re going to come back to Smith and this “savage nations” phrase he keeps dropping. We just can’t do it on January 1st. (Int. 4) #WealthOfTweets #SmithTweets
The mystery he wants to solve is why in poorer nations people seem to be working all the time while in wealthier nations they have so much more leisure. How do nations move from one state to another? (Int 4) #WealthOfTweets #SmithTweets
That’s the crucial thing to remember about Wealth of Nations. We aren’t trying to solve the mystery of poverty. Poverty/subsistence is the natural state of humans. We’re trying to solve the mystery of wealth. #WealthOfTweets #SmithTweets
Don’t forget to join us on Monday for Book One, Chapter One of Smith’s Wealth of Nations! #WealthOfTweets #SmithTweets
https://t.co/6tabcicjTN

More from @AdamSmithWorks

@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
@AdamSmithWorks
@AdamSmithWorks
@adamsmithworks
#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
ECONOMY , GOVERNMENT
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@AdamSmithWorks
@AdamSmithWorks
@adamsmithworks
Today, in #WealthOfTweets, more rude produce, #AdamSmith's opinions about Scottish Cheese, and, to be perfectly honest, an irresponsible amount of poop. #WealthOfTweets #SmithTweets

The second kind of rude produce is the kind humans can produce more of in response to demand. This includes stuff like sheep, 🐄🐄, and fruits & veg that farm well.(I.xi.l.1) #WealthOfTweets #SmithTweets

We don’t bother to cultivate this stuff until we reach a certain level of wealth because it reproduces well on its own. But as we get wealthier, we want more stuff and can pay for it, so it’s profitable to herd and farm these things. (I.xi.l.1) #WealthOfTweets #SmithTweets

But unlike the wild and rare stuff, there’s a limit on the price of this kind of produce, because when the price goes higher, we make more of it, which brings the price back down.(I.xi.l.1) #WealthOfTweets #SmithTweets

(We also find more profitable uses for, say, the wild grazing land, crowd the sheep out, and then *need* to cultivate them.) (I.xi.l.2) #WealthOfTweets #SmithTweet
FOR LATER READ
@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
@AdamSmithWorks
@AdamSmithWorks
@adamsmithworks
The great thing about #AdamSmith is that when he's about to go off on a 65 page tangent, he warns you. Humans, we bring you the DIGRESSIONS ON SILVER! #OhLawdHeComin #WealthOfTweets

Oh King Edward III, it’s adorable that you think you can just decree that servants and laborers become permanently content with wages fixed at the rate they were at five years ago. https://t.co/NtOmttquJ3 (I.xi.e.2) #WealthOfTweets #SmithTweets


He’s already digressing, and he can’t take a minute to share the menu from that famously magnificent feast with us? (I.xi.e.4–5) #WealthOfTweets #SmithTweets

Super Important 18thC Vocab Geekery: When Smith says the price of the quarter of wheat wasn't “supposed to be < 4 oz silver” he doesn’t mean “shouldn't be.” He means “wasn't thought to be.” He’s not approving of fixed prices. (I.xi.e.7) #WealthOfTweets #SmithTweets

So. Many. Wheat. Prices. (But really, Smith is talking about how much wheat it takes to buy a quantity of silver, NOT how much silver it takes to buy a quantity of wheat.) (I.xi.e.1–14) #WealthOfTweets #SmithTweets
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