Discover and read the best of Twitter Threads about #HistoryIsHard
Most recents (1)
Is there a better way to start the day than with a good ol' Smithian subdivision? OBVIOUSLY NOT. Capital can be employed in four ways:
1) procuring rude produce (raw materials)
2) manufacturing
3) wholesale
4) retail
(II.v.2) #WealthOfTweets #SmithTweets
1) procuring rude produce (raw materials)
2) manufacturing
3) wholesale
4) retail
(II.v.2) #WealthOfTweets #SmithTweets
All four employments depend on each other. You can't have retail without raw materials, manufacturing, wholesaling. You won't procure raw materials with no one to sell them to. &c. (II.v.3–7) #WealthOfTweets #SmithTweets
Retail needs to be defended more than the other three categories. Smith is arguing against political writers who think that the number of retailers needs to be controlled to protect consumers and the public interest. (II.v.7) #WealthOfTweets #SmithTweets
