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Yesterday we were excited but today we're feeling a little misty-eyed, to tell you the truth. 🥺🥺🥺 We'll be wrapping up #AdamSmith's #WealthOfNations with the end of Book V, Chapter 3, on public debts. (V.iii.47–92) #WealthOfTweets #SmithTweets
Also yesterday: Smith laid out the situation of European (and especially British) government debt. It seemed bad!
But not everyone thought so! Some people argued that debt effectively adds to a country's capital.
Nah, says Smith. (V.iii.47–51) #WealthOfTweets #SmithTweets
But not everyone thought so! Some people argued that debt effectively adds to a country's capital.
Nah, says Smith. (V.iii.47–51) #WealthOfTweets #SmithTweets
There's a set amount of capital available in any given country. The government borrowing can't create more, it can only divert some of what there already was (to less productive purposes!). (V.iii.47–51) #WealthOfTweets #SmithTweets
Is it just us, or do you guys love it when #AdamSmith is all, “I am inventing modern economics! To do so, I must now discuss at length that time the Germans and Scythians overran the Roman Empire!” Because we are very much here for that. (III.ii.1) #WealthOfTweets #SmithTweets
It’s probably just us. Anyway the Germans and Scythians overran the Roman Empire.
It was bad.
(III.ii.1) #WealthOfTweets #SmithTweets
It was bad.
(III.ii.1) #WealthOfTweets #SmithTweets
Lots of land was deserted as people fled, then grabbed up or “engrossed” by a few people, who protected their grabbed land with primogeniture and entail. (III.ii.1) #WealthOfTweets #SmithTweets
