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Here we are in Book 4, chapter 2. It's clear that by restraining and prohibiting imports, you can give a monopoly to domestic manufacturers. But can you create wealth?
Well, we know how #AdamSmith feels about monopolies. (IV.ii.1) #WealthOfTweets #SmithTweets
Well, we know how #AdamSmith feels about monopolies. (IV.ii.1) #WealthOfTweets #SmithTweets
In fact, Smith's not even all that convinced that prohibitions keep foreign goods out. (IV.ii.1) #WealthOfTweets #SmithTweets
Dear readers, we do not tweet the footnotes. (If that's your sort of thing, totally @ us.) But we have to draw your attention to the footnoted letter to William Eden where Smith claims that he burnt a bunch of his clothes for being illegal. (IV.ii.1) #WealthOfTweets #SmithTweets
Sorry to leave you hanging there yesterday, Smithsters. There's just a lot going on in this chapter!
So we return to #AdamSmith's many grievances with the very idea of the mercantile system. (IV.i.14–45) #WealthOfTweets #SmithTweets
So we return to #AdamSmith's many grievances with the very idea of the mercantile system. (IV.i.14–45) #WealthOfTweets #SmithTweets
People worry too much about the supply of cash money. It’s easy to import more and you can always use barter instead, if things get really tight. Also, paper money is a thing! (IV.i.14–15) #WealthOfTweets #SmithTweets
But everyone complains about a scarcity of money. That’s usually because they can’t get credit, or are big spenders. Or it can be caused by overtrading. It’s not about how many coins are around, but the ease of getting them. (IV.i.16) #WealthOfTweets #SmithTweets
Today, in #WealthOfTweets, more rude produce, #AdamSmith's opinions about Scottish Cheese, and, to be perfectly honest, an irresponsible amount of poop. #WealthOfTweets #SmithTweets
The second kind of rude produce is the kind humans can produce more of in response to demand. This includes stuff like sheep, 🐄🐄, and fruits & veg that farm well.(I.xi.l.1) #WealthOfTweets #SmithTweets
We don’t bother to cultivate this stuff until we reach a certain level of wealth because it reproduces well on its own. But as we get wealthier, we want more stuff and can pay for it, so it’s profitable to herd and farm these things. (I.xi.l.1) #WealthOfTweets #SmithTweets
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
