BC SOCIETY
Saved by @CodyyyGardner

OK! Who's ready to talk at great length and in great detail about prices? #AdamSmith, that's who! (I.v) #BuckleUp because this is the first of three chapters Smith prepped us for yesterday. (I.v) #WealthOfTweets #SmithTweets

 We're about get into some #LaborTheoryOfValue. (I.v.1–18) We, the SmithTweeters, are firmly on board with the #MarginalRevolution (and we are fans of @MarginalRevolt). But Smith's theory is more complex than is often recognized. #WealthOfTweets #SmithTweets #ValueHowDoesItWork
The caricature version of the #LaborTheoryOfValue is that the longer you work on a thing, the more it must be worth. This is obviously wrong, and Smith (and Marx, btw) would agree that it's wrong. (I.v.1–18) #WealthOfTweets #SmithTweets
(We know this version of the #LaborTheoryOfValue is wrong because we once carved a giant statue of #AdamSmith out of haggis. Took us hours. No one wanted to buy it. Go know!)
Again: We think the #LaborTheoryOfValue as it's actually presented is wrong, too, but we should at least understand how it's wrong and where it's right. (I.v.1–18) #WealthOfTweets #SmithTweets
Whether you're rich or poor depends on purchasing power, which is really just the ability to command more labor. Exchange allows (and requires) us to benefit from the labor of others and not just ourselves. (I.v.1) #WealthOfTweets #SmithTweets #WeAreAllConnected
Smith defines the "real price" of a good as the toil and trouble that's put into producing it, "which it can save himself, and which it can impose on other people." (I.v.1) #WealthOfTweets #SmithTweets
For this reason, wealth is power because it gives us the power to direct the labor of others, even as it makes us dependent on them. (I.v.3) #WealthOfTweets #SmithTweets #WeAreAllConnected
Sure, says Smith, labor is where the real value in all commodities lies. But! Labor hours are not how we typically measure value. (We told you so.) This is in part because things like hardship and ingenuity matter. (I.v.4) #WealthOfTweets #SmithTweets #LaborTheoryOfValue
We don't need to be completely accurate when measuring labor because we have "the higgling and bargaining of the market" which "though not exact, is sufficient for carrying on the business of common life." (I.v.4) #WealthOfTweets #SmithTweets
In other words: real value is a thing, but it's hard to measure. For practical purposes, we rely on exchange value. (I.v.5) #WealthOfTweets #SmithTweets
And exchange value? That's measured in terms of the goods and services being exchanged. They're the product of labor, but not measured in labor. Remember: it's hard to make change when bartering (especially cows), so we use money. (I.v.5–6) #WealthOfTweets #SmithTweets
But money is complicated! In Smith's time it was backed by gold, sliver, and copper—all of which had market values that vary with the country's supply of those metals. (I.v.7) #WealthOfTweets #SmithTweets
(And we can't blame metal-backed money for that. Modern-day currencies vary in price relative to each other and in terms of purchasing power over time.) (I.v.7) #WealthOfTweets #SmithTweets
This isn't even a problem that just affects money. All the prices are changing all the time! That's why it would be great if there were an objective measure of value to compare things to. (I.v.7) #WealthOfTweets #SmithTweets
This is why Smith wants to use labor to measure value, even if it's not how we really do things. "Equal quantities of labour, at all times and places, may be said to be of equal value to the labourer." (I.v.7) #WealthOfTweets #SmithTweets
(Dear Readers, one of the SmithTweeters is Canadian and let her just say that putting those Us into "labour" for the purposes of a direct quote really hit the spot. #BritishEnglishFTW)
But wait! Didn't Smith say we 𝗰𝗮𝗻'𝘁 usefully compare quantities of labor? (Don't go back to check. He totally did.) (I.v.7) #WealthOfTweets #SmithTweets #LaborTheoryOfValue
Smith was 𝙫𝙚𝙧𝙮 particular with his wording. So. Many. Revisions. He's trying to perfectly express his ideas. So what, EXACTLY, did he say? (I.v.7) #WealthOfTweets #SmithTweets #LaborTheoryOfValue
Smith is talking about quantities of labor by a particular worker from the perspective of that worker. Not some general measurement of labor that applies to all workers. (I.v.7) #WealthOfTweets #SmithTweets #LaborTheoryOfValue
So *to the worker*, equal quantities of work are comparable. How much time and effort did they have to put into getting what they want? That's what really matters to them. (I.v.7) #WealthOfTweets #SmithTweets #LaborTheoryOfValue
There is an important truth here! It's just not the kind that economists can plug into equations and models. (I.v.7) #WealthOfTweets #SmithTweets #LaborTheoryOfValue
Smith reminds us of the difference between the real and nominal price of labor: The real price is how many things the laborer wants/needs and can get for labor. The nominal price is how much money he can get. (I.v.9) #WealthOfTweets #SmithTweets
A laborer is wealthy or poor based on whether they can get what they want/need, regardless of how much money it costs. Money is sort of beside the point. That's why Smith focuses on labor. #WealthOfTweets #SmithTweets #ValueHowDoesItWork
And... you know what? That's a lot for one day. We'll finish up Chapter 5 tomorrow. #SmithTweetersNeedSomeTea #WealthOfTweets #SmithTweets

More from @AdamSmithWorks

@AdamSmithWorks
@AdamSmithWorks
@adamsmithworks
Book II of #WealthOfNations! It's all about stock! Not the kind you fill with chicken and noodles, but the kind that (according to #AdamSmith) makes commercial society go 'round. (II.intro)
https://t.co/FlxQLGdjbW
#WealthOfTweets #SmithTweets

First! A quick review: without division of labor, every person must provide everything they need. No one accumulates or stores up stock. You do what you can with what you have when you have it. (II.intro.1) #WealthOfTweets #SmithTweets

But once the division of labor develops (remember, it’s the secret sauce!) we have so many wants that we can’t provide for them all ourselves. Most of them are provided for by others, and we purchase their labor with our own. (II.intro.2) #WealthOfTweets #SmithTweets

Here's why this all matters when we think about stock: we can’t purchase other people’s labor until we have completed (and been paid for) our own. So we need a stock of supplies to sustain us until we can finish our work and get paid. (II.intro.2) #WealthOfTweets #SmithTweets

Obviously, we need that BEFORE we start working in this way. So to get the division of labor you need the accumulation of stock. It’s an ingredient of the secret sauce. (All the best sauces are made with stock!) (II.intro.3)
https://t.co/wi1HtrmBPb
#WealthOfTweets #SmithTweets
TRADING
@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
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@AdamSmithWorks
@AdamSmithWorks
@adamsmithworks
Today we come to the topic @EconTalker has called one of the more underemphasized lessons from #AdamSmith: That the Division of Labor is limited by the Extent of the Market. a.k.a Book 1 Chapter 3. #WealthOfTweets #SmithTweets

We love ya, Smith, but we see why people don't dwell on this chapter. Unless they are really into the navigable waterways of the late 18th century. (I.iii.3–8) #WealthOfTweets #SmithTweets #RiverEnthusiastsRejoice


The first two paragraphs of this chapter are the meatiest. Then things get a little...#WealthOfTweets #SmithTweets


The more people there are to trade with, the more labor can be divided. Wealth of the people included in the market increases disproportionately as the division of labor progresses. Because division of labor is special sauce. (I.iii.1-2)#WealthOfTweets #SmithTweets

This seems like common sense. No one to trade with? You won't produce stuff for trade. Instead you'll produce the things you need, and because you need many things you won't specialize. No specialization, no division of labor. (I.iii.1–2) #WealthOfTweets #SmithTweets
CULTURE
@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
#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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Dr. Simon \u30c4
Dr. Simon ツ
@goddeketal
1/ One year of destroyed economies, social isolation & deep social splits calls for an anniversary ⬇️thread ⬇️ to celebrate the RT-qPCR manuscript by Christian Drosten (@c_drosten) & Victor Corman (@vmcorman), submitted on 21st Jan 2020 to @Eurosurveillanc. #UnbiasedScience


2/ Before this very publication, virologists were neither treated like superstars, nor were they considered icons or half-gods. In 2009, Drosten almost succeeded in installing the false premise virology could supersede holistic medical sciences as discussed in this thread.

3/ Drosten is a virologist. He neither has any background in epidemiology, nor has he ever worked in the civil service. He also doesn’t have a background in public health. Yet he and his colleagues affect our daily lives to the level of whom to meet up or how to flush the toilet.


4/ Before January 2020, Drosten and Corman were common virologists at Charité Berlin, whenever they were not involved in economic implications (https://t.co/UTDwG8U7Du). Other than that, they looked at coronaviruses in dromedary calves in the Middle East or Africa. 😍 #cute


5/ Finally in Jan 2020, the published paper laid the theoretical grounds for the current pandemic, the RT-qPCR mass testing-religion, for which he was awarded his second German Federal Cross of Merit (he received the first one in 2005 for developing the SARS-CoV PCR test).
SOCIETY
UN Watch
UN Watch
@UNWatch
The UN just voted to condemn Israel 9 times, and the rest of the world 0.

View the resolutions and voting results here:

The resolution titled "The occupied Syrian Golan," which condemns Israel for "repressive measures" against Syrian citizens in the Golan Heights, was adopted by a vote of 151 - 2 - 14.

Israel and the U.S. voted 'No' https://t.co/HoO7oz0dwr


The resolution titled "Israeli practices affecting the human rights of the Palestinian people..." was adopted by a vote of 153 - 6 - 9.

Australia, Canada, Israel, Marshall Islands, Micronesia, and the U.S. voted 'No' https://t.co/1Ntpi7Vqab


The resolution titled "Israeli settlements in the Occupied Palestinian Territory, including East Jerusalem, and the occupied Syrian Golan" was adopted by a vote of 153 – 5 – 10.

Canada, Israel, Marshall Islands, Micronesia, and the U.S. voted 'No'
https://t.co/REumYgyRuF


The resolution titled "Applicability of the Geneva Convention... to the
Occupied Palestinian Territory..." was adopted by a vote of 154 - 5 - 8.

Canada, Israel, Marshall Islands, Micronesia, and the U.S. voted 'No'
https://t.co/xDAeS9K1kW
SOCIETY
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Dr Fish Philosopher Todd (Dr FPT)\U0001f41f
Dr Fish Philosopher To...
@ZoeSTodd
1. I was walking in the woods yesterday and I had an epiphany. It wasn’t one I wanted to have. I was thinking about today’s class, where we are reading Kimmerer’s ‘Gathering Moss’. I’ve taught Braiding Sweetgrass in multiple classes every year since 2016. It’s eminently teachable

2. Both books are beautifully written. Students uniformly enjoy them as assigned reading. They do a great job communicating to non-Indigenous folks the contours of basic Indigenous relationships to more-than-human beings. They’re wildly popular with white readers.

3. I’ve found Braiding Sweetgrass to be a great entry point for non-Indigenous folks to Indigenous scholarship. But this is where yesterday’s epiphany comes in. Neither Braiding Sweetgrass or Gathering Moss tends to the deep deep lineages of Indigenous scholarship in Canada or US

4. As the popularity of ‘Braiding Sweetgrass’ has soared, I’ve seen more and more white folks wax on about ‘braiding knowledge’. But they often don’t know any of the lineages of these concepts beyond what is presented in this one book. They confidently run with this.

5. Kimmerer does a commendable job of weaving in her own experiences, her family stories+nods to some very important knowledge keepers who deserve to be celebrated for their work. But Braiding Sweetgrass does not tend to the citational politics Sara Ahmed & others teach us about
SOCIETY
Jo Luehmann
Jo Luehmann
@JoLuehmann
We live in a society that misunderstands boundaries and consent. Most people think the former is about just saying no, and the latter is about sex. And while that’s a part of it, they are about agency, autonomy, respect and interpersonal relationships.

1/

Unsolicited advice without consent is crossing a person’s boundaries. Even if the advice is good advice, even if the person giving the advice is a pastor or a parent, even if the advice is important. Most people aren’t talking about their life so that we may solve it.

2/

It is an honor to be trusted with someone’s life story*, with their thoughts and their challenges, with their struggles and their musings. But it is not an open invitation to try and solve their problems, control their behavior, tell them what to do.

3/

For a group of people that speak often of free will and claim to follow Jesus, Christians are some of the worst at boundaries and consent in general, and advice giving in particular. Think about how many sermons are not sharing spiritual truths, but just giving advice.

4/

Think about how much pastoral counseling is just advice giving. Think about the many books that tell you how to parent, how to be a good wife, how to be a good Christian, how to... and how much of it is general advice as though our lives were interchangeable?

5/
SOCIETY
NOT A DISCO DANCER || \u09b0\u09be\u099c \u09b6\u09c7\u0996\u09b0
NOT A DISCO DANCER || ...
@DiscourseDancer
Patriotism is an interesting concept in that it’s excepted to mean something positive to all of us and certainly seen as a morally marketable trait that can fit into any definition you want for it.+


Tolstoy, found it both stupid and immoral. It is stupid because every patriot holds his own country to be the best, which obviously negates all other countries.+

It is immoral because it enjoins us to promote our country’s interests at the expense of all other countries, employing any means, including war. It is thus at odds with the most basic rule of morality, which tells us not to do to others what we would not want them to do to us+

My sincere belief is that patriotism of a personal nature, which does not impede on personal and physical liberties of any other, is not only welcome but perhaps somewhat needed.

But isn’t adherence to a more humane code of life much better than nationalistic patriotism?+

Göring said, “people can always be brought to the bidding of the leaders. That is easy. All you have to do is tell them they are being attacked, and denounce the peacemakers for lack of patriotism and exposing the country to danger. It works the same in any country.”+
SOCIETY

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Trader knight
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Pyramiding 2.0

A thread-


What is pyramiding?

It is simply adding to your winners.

Why use pyramiding?

1. It makes your winners bigger than your losers.

• Because you are adding positions when your trades are going your way, you are increasing your gains but your losers will be small comparatively.

2. You lose less during Draw-down time ( it saves you from losing big during whipsaws )

• Many times when the market is in sideways mode, Entering a trade with full risk might not be the best idea.

• So, you test the waters with a small position first, it could be ⅓ or ¼ of your total risk.

• So if the Breakout fails or whipsaws come, then you will only lose a small part of your overall risk.

• Then when position starts to go in your favor you can add to it.

3. It helps you to concentrate on a few trades,

They say that don’t put all your eggs in one basket, but don’t put them in too many either.

• See, Everyone can see charts and find breakouts, pullbacks etc.
ALL , SWING TRADING , PYRAMIDING
Laurie Voss
Laurie Voss
@seldo
The 2018 State of JavaScript survey is out. They got 20,000 responses and have some delicious, delicious data. I'mma thread in some highlights:

First up: JavaScript flavors. There's TypeScript at 47% adoption, a tad higher than npm's own survey results (which said 46%). npm's survey is coming up again soon and will ask about TypeScript in a lot more detail.


I really, *really* like SoJ's "would not use again" question, which lets people who've abandoned a tech self-identify. This is noticeable in the graph above with Flow users -- 41% of people who've used Flow say they wouldn't use it again.

Now JavaScript frameworks. It's been a full year since npm's survey, so these numbers differ from ours in the directions I expected:
React 65% (vs. 60%)
Vue 29% (vs. 24%)
Ember 5% (vs 4%, I was expecting a bigger rise)

But there's a shocker in here: Angular.


npm's survey had Angular at 40% last year and SoJ has it at either:
- 58% (if you include those who don't want to use it again)
- 24% (if you count only those who like it)
Since npm's question didn't ask if they intend to *continue* using it I think that might explain this.
TECH
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Savitri Mumukshu - साव...
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1/n
The kingdom of Sindh was ruled by its last Hindu king Raja Dahir during the 8th century. When Muhammad-bin-Qasim invaded Sindh, he decimated Sindh in his savage bloodlust. The chronicles of his advent are described in the Chachnama.


2/n
The Chachnama describes in detail how the Arabs led by butcher Qasim conquered Sindh. It tells the terrible tale of bravery, treachery, & carnage marking the entry of Islamic conquest of India’s Hindus.


3/n
When Muhammad-bin-Qasim attacked Sindh, Dahir had collected an army of 50,000 horses and marched from Brahamanabad to Rawar to face the invader. Qasim had an army that numbered in the tens of thousands with camels & horses.

4/n
Earlier Arab Alafis - Syeds from Prophet Mohammed’s own family had fled from Mecca with 500 men to Sindh and Raja Dahir had given them asylum. Trusting these Muslims would prove to be the fatal mistake for the downfall of Sindh & pave the way for Islamic invasion.

5/n
On an “auspicious day” in A.D. 711, fixed by astrologers, Mohammed Bin Qasim started for Sindh at the head of the Iraqi, Syrian, and other Arab soldiers. His horses and camels were disguised to look like lions and elephants. Rebel Jats also joined Qasim’s army.
ALL , GANDHARITIHAS
Filippo Valsorda
Filippo Valsorda
@FiloSottile
“We don’t negotiate salaries” is a negotiation tactic.

Always. No, your company is not an exception.

A tactic I don’t appreciate at all because of how unfairly it penalizes low-leverage, junior employees, and those loyal enough not to question it, but that’s negotiation for you after all. Weaponized information asymmetry.

Listen to Aditya


And by the way, you should never be worried that an offer would be withdrawn if you politely negotiate.

I have seen this happen *extremely* rarely, mostly to women, and anyway is a giant red flag. It suggests you probably didn’t want to work there.

You wish there was no negotiating so it would all be more fair? I feel you, but it’s not happening.

Instead, negotiate hard, use your privilege, and then go and share numbers with your underrepresented and underpaid colleagues. […]
LIFE
Vibhu Vashisth
Vibhu Vashisth
@VIBHU_Tweet
Rani Chennamma of Kittur was one of the first women rulers of India who fought against the might of the British Empire in 1824. Rani Chennamma was born in 1778 in a small village of Kakati in Belgaon distt of the State of Karnataka.


She was born into the Lingayat Community to a man named Dhulappa Desai. From a very young age she was trained in horse riding,sword fighting, archery and diplomacy. At a very young age of 15 yrs, she was married to the King of Kittur and became the Queen of Kittur.


It is said that King of Kittur Mallasarja was once moving around in the neighbouring kingdoms to find support to fight Tipu Sultan. It is then, when he came across Chennamma and he immediately got attracted to her sheer confidence and bravery.

Rani Chennamma and King Mallasarja had a son together who died very soon after the death of King Mallasarja in 1816. As the Queen of Kittur, Rani Chennamma immediately adopted Shivalingappa as her son and declared him the heir to the throne of Kittur.

This did not go well with the British East India Company who was enforcing the Doctrine of Lapse those days, according to which the adopted children of the Indian rulers were not allowed to become their heirs and if the native rulers did not have children of their own, their...
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