Thread by @adamsmithworks

Does anyone else feel like #AdamSmith has been talking about Rent for a really long time already? Like 525, 600 minutes, maybe? Here we go again! #WealthOfTweets #SmithTweets

So land that produces food will always produce rent. (Yes. We are still talking about rent. We are talking about rent forever. This is our life now.) (I.xi.d.1) #WealthOfTweets #SmithTweets

The more food we produce, the more people can be alive! 🎉The more people, the more demand for stuff. And so the production of food, which always pays rent, supports the production of everything else that can pay rent. (I.xi.d.1) #RentRentRent #WealthOfTweets #SmithTweets

The sorts of produce that might or might not pay the rent will depend on the produce that always pays the rent. Are there just two categories of things, then? Food and not-food? (I.xi.d.1) #RentRentRent #WealthOfTweets #SmithTweets

This is how it's mostly always been, says Smith: Arts and industry advance and the things that go beyond the necessities of life come to be more and more in demand and therefore become dearer and dearer. #YesDear (I.xi.d.1) #WealthOfTweets #SmithTweets

But sometimes the supply for these things increases more than the demand because of "particular accidents". A bunch of those accidents have to do with the market for silver. #OhItsComing (I.xi.d.2) #WealthOfTweets

So here's how it is. Say you've got a quarry. The neighborhood around your quarry gets richer, your quarry becomes more valuable. That neighborhood's your market.

For a silver mine, your market is always the whole world. #OhItsComing (I.xi.d.2–3) #WealthOfTweets #SmithTweets

If the whole world gets richer but the quantity of silver discovered doesn't keep up, silver will become more expensive relative to staple crops. #OhItsComing (I.xi.d.4) #WealthOfTweets #SmithTweets

If the whole world gets richer but the quantity of silver discovered happens to increase by a lot, silver becomes cheaper relative to staple crops. #OhItsComing (I.xi.d.5–6) #WealthOfTweets #SmithTweets

We hope that you like this kind of comparison, friends, because you're in for a lot of it. #OhItsComing #WealthOfTweets #SmithTweets

Tomorrow we (begin to) bring you:

(っ◔◡◔)っ ♥ The
Digression
on
Silver ♥