Discover and read the best of Twitter Threads about #thanksweguess
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Good morning, Smithketeers! Time for Fun With 18thC Spelling! WHY does #AdamSmith, who invented modern economics, spell it with an O like some kind of crazy person? #WealthOfTweets #SmithTweets
It's because he's thinking about the Greek roots of the word. Oikos=Household and Nomia=Management [Sending some love to our friends @kefimgr] #WealthOfTweets #SmithTweets
We, the SmithTweeters, support a revival of this spelling. We're sure it won't bother any of our oeconomist friends, or their oeconomics departments. Right? #WealthOfTweets #SmithTweets
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
