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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
Is silver more expensive because demand is going up? Supply is going down? Or a mixture of both? (I.xi.e.14) #WealthOfTweets #SmithTweets
And it *was* getting more expensive, though people thought it wasn’t. They were misled for three reasons. (I.xi.e.15–16) #WealthOfTweets #SmithTweets
1. Rents were paid “in kind”(with chickens or corn instead of money) that’s called a “conversion price” which is set below market price to protect tenants. People often confuse conversion and market prices.(I.xi.e.17) #WealthOfTweets #SmithTweets
2. Slovenly and lazy copyists who don’t get the details right.[We are here for the #SmithSnark, which is some of the best snark.] (I.xi.e.18–22) #WealthOfTweets #SmithTweets
3. Assuming that because the lowest ancient price for wheat was very low, the price never got very high. In fact, the ancient market was volatile and “disorderly,” not uniformly cheap. (I.xi.e.23) #WealthOfTweets #SmithTweets
Oh hey, did you want to know all the available prices of wheat from 1202 until 1601, in 18th century money, in 12 year periods? Smith’s got your back. (I.xi.e.24) #WealthOfTweets #SmithTweets
Data shows the price of silver rising, and Smith is confused/annoyed that so many historians/economists have interpreted it as falling. (I.xi.e.24) #WealthOfTweets #SmithTweets
“It is somewhat curious that, though their opinions are so very different, their facts...should coincide so very exactly.” Could this be the first instance of an economist gobsmacked that people interpret data differently? (I.xi.e.24) #WealthOfTweets #SmithTweets
Labor is the real measure of value of silver and all commodities. But...is it, though? (I.xi.e.26) #WealthOfTweets #SmithTweets
The important thing is not to be misled into thinking that as the quantity of silver increases, the price will decrease. That’s “altogether groundless.” Demand is a thing, folks. (I.xi.e.33) #WealthOfTweets #SmithTweets
Smith keeps saying that money naturally seeks the best available price for itself. Aristotle is over here with his head exploding. (I.xi.e.34) #WealthOfTweets #SmithTweets
“When we are in want of necessaries we must part with superfluities.” THAT might be one of the best pieces of advice--financial or otherwise—we’ll ever get. (I.xi.e.38) #WealthOfTweets #SmithTweets
Ya know what? Let's just press on and do the second period of silver prices real quick. Not even Smith can go on for that long about it. (I.xi.f) #WealthOfTweets #SmithTweets
(Ok, ok, we know this is #WealthOfTweets and not #TweetsOfMoralSentiments, but didya notice that opening sentence here? Smith really likes that “How X soever Y may be” formulation.) (I.xi.f.1) #WealthOfTweets #SmithTweets
Everybody agrees that the discovery of the silver mines in America caused the value of silver to crash relative to the value of corn. Smith is about as sure of this as he ever is of anything. You can, as it were, take it to the bank. (I.xi.f.1–5) #WealthOfTweets #SmithTweets
And that’s it for everything interesting between 1570 and 1640 apparently. Your early modernist SmithTweeter is pouting but will proceed on apace tomorrow, to the Third Period of the Digression. (I.xi.f.1–5) #WealthOfTweets #SmithTweets

More from @AdamSmithWorks

@AdamSmithWorks
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Today we start the last book of #AdamSmith's #WealthOfNations.

Allons-y!

#WealthOfTweets #SmithTweets


Book Five of #WealthOfNations is all about the duties of the sovereign and how to pay for them. In this first part of chapter 1, we’re talking about the cost of defense. (V.i.a) #WealthOfTweets #SmithTweets


The sovereign's duty to protect the country can only be done through military force, but how you get the money to pay for that military varies according to time, place, and circumstance. (V.i.a.1) #WealthOfTweets #SmithTweets

In a hunter/gatherer society, everyone is always already a warrior, and since there isn’t really a sovereign or nation, no expense is required to maintain defense. Much the same is true of shepherding cultures. (V.i.a.2) #WealthOfTweets #SmithTweets

Armies of hunters are limited in size to a few hundred men (as they have to sustain themselves through the available game). Shepherds can muster larger forces because they bring their sustenance in the form of flocks. (V.i.a.3–5) #WealthOfTweets #SmithTweets
CULTURE , BOOK
@AdamSmithWorks
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OK. Chapter 7 of Book 4 of #WealthOfNations is tough going. It's long. It's serious. It's all about colonies.

We can take comfort, though, in knowing that the chapter #AdamSmith says is about colonies is, in fact, about colonies. (IV.vii) #WealthOfTweets #SmithTweets


Colonies were a vexed subject when #AdamSmith was writing, and they’re even more complicated now. So, before we even get to the tweeting, here’s a link to that thread on Smith and “savage nations.” (IV.vii) #WealthOfTweets


The reason for the ancient Greeks and Romans to settle colonies was straightforward: they didn’t have enough space for their growing populations. Their colonies were treated as “emancipated children”—connected but independent. (IV.vii.a.2) #WealthOfTweets #SmithTweets

(Both these things are in contrast to the European colonies, as we'll see.) (IV.vii.a.2) #WealthOfTweets #SmithTweets

Ancient Greeks and Romans needed more space because the land was owned by an increasingly small number of citizens and farming and nearly all trades and arts were performed by slaves. It was hard for a poor freeman to improve his life. (IV.vii.a.3) #WealthOfTweets #SmithTweets
CULTURE
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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
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
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Wages, profits, and rents have “natural rates” regulated by the general conditions of the society in which they exist. (I.vii.1) #WealthOfTweets #SmithTweets

When the price of any commodity = price of rent + profit + labor + price of getting it to market, the commodity is sold at its “natural price.” (I.vii.4–5) #WealthOfTweets #SmithTweets

And that all means the commodity has been sold for what it is worth—what it really costs. (I.vii.5) #WealthOfTweets #SmithTweets

The price for which a commodity is sold ought to include a seller’s profit, because that’s how sellers pay themselves, just like they pay the wages of the laborers who work for them, who get their goods to market, etc. (I.vii.5) #WealthOfTweets #SmithTweet

Nerds among you may recognize the concept of economic profit here: it matters to the owners of stock whether they could have done better by using their stock elsewhere, not just whether they covered their costs. (I.vii.5) #WealthOfTweets #SmithTweets #WeLoveNerds
SOCIETY

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I’m contemplating leaving @twitter. The platform has proven to be instrumental in harming people with marginalized identities, which normally I wouldn’t blame a media platform for except that @jack has demonstrated negative interest in doing anything about it.

in the past when I’ve thought about this I’ve thought about it from the perspective of my own safety/comfort. And I’m good on that front; I can handle it. But now I’m thinking about it differently: thinking about the people who tell me they join or stay on twitter because of me.

Every time someone in the press refers to me as a “twitter celebrity” (actual phrase that I don’t fully understand or subscribe to but this is what people say) it means that my presence and voice are adding social cachet to a company that I find to be quite terrible.

People tell me that they learn a lot from what I have to say here, and sometimes that it’s their first or only exposure to certain ideas, histories, perspectives, etc. and I have to weigh that too. But I could post that stuff elsewhere.

We’ll see. I’m just thinking aloud for now but I’m watching closely to see what @twitter and @jack do in the coming days and how they respond to what we now know about Cesar Sayoc (beyond one really stupid tweet). Because we know it’s not just him. Big changes need to happen.
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Offered a guy a ride from Yaba to Obalende this morning. Just as we're approaching Alagomeji, uncle asked me if he can drive. Said he's not comfortable being driven by a woman. I parked and told him to come and take the wheel. Once he got down, I just zoomed off. Arrant nonsense

Funny thing is the guy is quite young. He can't be more than 25. How can someone that young have this sort of mentality?

I actually did not think that the guy could have wanted to get away with my car at the time. Now that I think of it though, that's a big possibility. We need to be careful out there. These thieves now have different ways of operating
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If you often procrastinate, open this

Stop being a perfectionist.

The root of procrastination for most people ain't laziness, it's anxiety.

I know your anxiety will tell you the worst case scenario. It’s a damn liar.

If you're a procrastinator, you will find every excuse not to do what u need to do. But here's an advice: DO IT FIRST, I call it reverse procrastination.
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1/ A thread of comments & observations about the death of the cackling vampire Rush Limbaugh.

My first observations in the main thread are here, but this offshoot is needed because there's been so many wise & witty things I've


2/ First, re: those who in their wayward moral obtuseness feel we "can't speak ill of the dead." I've said that this is what abuse enablers say, but I hear that some religious traditions preach this. Oy.
So there's this: https://t.co/7Ky4RA3nkZ &


3/ Drucker is another great wit, and this carries the proper mood


4/ There's definitely a Jewish Tradition angle for how to treat evil people who die: the only respect is to justice, right & wrong, and above all compassion's existence necessitates condemning cruelty


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Following @BAUDEGS I have experienced hateful and propagandist tweets time after time. I have been shocked that an academic community would be so reckless with their publications. So I did some research.
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Is this an official account for Bahcesehir Uni (Bau)?


Bahcesehir Uni, BAU has an official website https://t.co/ztzX6uj34V which links to their social media, leading to their Twitter account @Bahcesehir

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Fake chats claiming to be from the Irish African community are being disseminated by the far right in order to suggest that violence is imminent from #BLM supporters. This is straight out of the QAnon and Proud Boys playbook. Spread the word. Protest safely. #georgenkencho


There is co-ordination across the far right in Ireland now to stir both left and right in the hopes of creating a race war. Think critically! Fascists see the tragic killing of #georgenkencho, the grief of his community and pending investigation as a flashpoint for action.


Across Telegram, Twitter and Facebook disinformation is being peddled on the back of these tragic events. From false photographs to the tactics ofwhite supremacy, the far right is clumsily trying to drive hate against minority groups and figureheads.


Declan Ganley’s Burkean group and the incel wing of National Party (Gearóid Murphy, Mick O’Keeffe & Co.) as well as all the usuals are concerted in their efforts to demonstrate their white supremacist cred. The quiet parts are today being said out loud.


The best thing you can do is challenge disinformation and report posts where engagement isn’t appropriate. Many of these are blatantly racist posts designed to drive recruitment to NP and other Nationalist groups. By all means protest but stay safe.
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I hate when I learn something new (to me) & stunning about the Jeff Epstein network (h/t MoodyKnowsNada.)

Where to begin?

So our new Secretary of State Anthony Blinken's stepfather, Samuel Pisar, was "longtime lawyer and confidant of...Robert Maxwell," Ghislaine Maxwell's Dad.


"Pisar was one of the last people to speak to Maxwell, by phone, probably an hour before the chairman of Mirror Group Newspapers fell off his luxury yacht the Lady Ghislaine on 5 November, 1991." https://t.co/DAEgchNyTP


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Dalton School...Dalton School...rings a

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Joanna Cherry:"Alex Salmond secured a concession that nothing in Scotland Act would preclude the people of Scotland from subsequently choosing an independent future. This is recorded in Hansard during second reading of Referendums (Scotland & Wales) Bill, May 21, 1997."

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