Discover and read the best of Twitter Threads about #DirtyJobs
Most recents (2)
So, sometimes #AdamSmith's #WealthOfNations can feel a bit abstract. Not today! Today we're talking jobs! #WealthOfTweets #SmithTweets
If a society has perfect liberty and if workers are perfectly free to choose, they will naturally move to the most advantageous forms of employment. Those are some big ifs, but we can be 𝗯𝗲𝘁𝘁𝗲𝗿 at this, if not perfect. (I.x.a.1) #WealthOfTweets #SmithTweets
There are 5 main factors that affect wages for a given job. (I.x.b.1) #WealthOfTweets #SmithTweets
Is it pleasant to do?
Is it quick and cheap to learn?
Are there lots of jobs?
How much respect/trust does it need?
How likely is success?
Is it pleasant to do?
Is it quick and cheap to learn?
Are there lots of jobs?
How much respect/trust does it need?
How likely is success?
Today we're gonna talk about profits. They come from stock! #AdamSmith reminds us that stock is any resource paid for in advance when doing business. In general, profits and wages don't move together. (I.ix.1–2) #WealthOfTweets #SmithTweets
As stock goes up, there's more of it to employ more workers (by paying them or providing machines for them to work or both). This raises wages! But new stock competes with existing stock, which tends to lower profit. (I.ix.2) #WealthOfTweets #SmithTweets
If you thought figuring out the average wages of labor was complicated, don't even think about trying to figure out the average profit of stock. Basically impossible. Luckily, the rate of interest tends to vary with the profits of stock. (I.ix.3–4) #WealthOfTweets #SmithTweets
