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OK! It's time for #WealthOfNations Book I, Chapter 11! Which is longer than all of Book II. Are you ready? Are we ready? Can anybody really be ready? #WealthOfTweets #SmithTweets
And it's all about...the rent of land, or the price paid for the use of the land where production takes place. Gripping! It's naturally a monopoly price, says Smith. (I.xi.a.1,5) #WealthOfTweets #SmithTweets
You might think, says Smith, that the rent of land is partly the result of improvements to the land (I.xi.a.2) but you'd be wrong. #WealthOfTweets #SmithTweets
Yesterday #AdamSmith said things work pretty well when people have perfect liberty to choose a trade and where to practice it? In this half of the chapter he specifies the ways people aren’t at perfect liberty, and whose fault it is. (I.x.c.1) #WealthOfTweets #SmithTweets
And (spoiler) it's government policy’s fault! They restrain competition in some places, increase it in others, and obstruct free movement of labor. (I.x.c.2) #WealthOfTweets #SmithTweets
Many government restraints on competition are “as foolish as can well be imagined.” Like how coachmakers can’t make the wheels for coaches, but wheelmakers can make coaches. (I.x.c.9) #WealthOfTweets #SmithTweets
