Look, we aren’t complaining. We are TeamSmith. But we just want to mention, in passing, that this whole next section of #WealthOfNations is basically a Digression on the Digression on Silver. You only THINK it's about farming.(I.xi.j–m) #WealthOfTweets#SmithTweets
When Smith says “rude produce” he doesn’t mean vegetables that question your life choices. He means plant and animal products that don’t need much technical processing to be useful. (I.xi.j) #WealthOfTweets#SmithTweets
There are three sorts of rude produce, and the price of each kind is affected differently by increased wealth and technology. Let’s go! (I.xi.j) #WealthOfTweets#SmithTweets
The first sort of rude produce is wild game, fishes, etc. that nature produces in limited quantities and that we don’t seem to be able to cultivate. Like truffles and...um...woodcock? (I.xi.k.i) #WealthOfTweets#SmithTweets
Because the supply of this first sort is so limited, the price can go up pretty much without limit (assuming the society is wealthy enough). That’s why the ancient Romans could and did pay such crazy prices for rare food. (I.xi.k.1) #WealthOfTweets#SmithTweets
How crazy, you ask? Well, a peck of wheat cost the ancient Romans ~4 sestertii. So, how do you like 6000 sestertii for one white nightingale, or 8000 for one single fish? (I.xi.k.1) #WealthOfTweets#SmithTweets
(And the fish was only a surmullet anyway. They probably don’t even taste that great. Stupid Romans and their fancy food.) (I.xi.k.1) #WealthOfTweets#SmithTweets
We seem to have accidentally become a cooking show. We should probably go rest up for tomorrow. Tune in to find out why pigs are basically chickens! #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
We, the SmithTweeters, understand you may have bigger fish to fry today than tweets about #AdamSmith and silver. We get it. But here's today's #WealthOfTweets, because--tough times or happy times--we think it's never a bad time to talk about Smith. #WealthOfTweets#SmithTweets
Wait. Still silver? Didn't Smith say he was talking about silver over 3 periods? OK FINE. FINE. It's fine. So the value of gold relative to silver was regulated by the mints of Europe until the Spaniards found those pesky American mines. (I.xi.h.1) #WealthOfTweets#SmithTweets
When last we spoke, we learned that nothing interesting happened to silver prices between 1570 and 1640. Maybe people were too busy creating great literature? Anyway, Silver prices rose again between 1640 and 1700, for a lot of reasons.(I.xig.1) #WealthOfTweets#SmithTweets
War makes everything expensive, especially corn. Cornfields become battlefields, and ploughshares become swords. (Reminder: "corn" is a catch-all term for "the staple crop(s) of the population") (I.xi.g.3) #ItsAllCorn#WealthOfTweets#SmithTweets
Oh King Edward III, it’s adorable that you think you can just decree that servants and laborers become permanently content with wages fixed at the rate they were at five years ago. gph.is/1Uy1VKJ (I.xi.e.2) #WealthOfTweets#SmithTweets
He’s already digressing, and he can’t take a minute to share the menu from that famously magnificent feast with us? (I.xi.e.4–5) #WealthOfTweets#SmithTweets
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
If you're a keener, you might have observed yesterday that people need more than just food. Like, say, clothing and shelter. #AdamSmith is ON IT. (I.xi.c.2) #WealthOfTweets#SmithTweets
Before land was improved, there was lots of material for clothing and housing, but not enough food for all the people. Once the land is improved to grow food, clothing and shelter become scarce (and valuable). (I.xi.c.3) #WealthOfTweets#SmithTweets