We wanted to create #WealthOfTweets mostly because we thought it would be a fun way to get a conversation on Smith happening and to drive traffic to adamsmithworks.org. (Give us a click and a share if you haven't lately!) 2/10
But we chose to do #WealthOfTweets rather than, say, #TweetsOfMoralSentiments because Wealth of Nations is so frequently referenced and so infrequently read. 3/10
Everyone has their favorite line or two for classing up a paper or a lecture, but very few of us have read the whole darn thing. AND, Theory of Moral Sentiments seems like it's getting most of the attention in Smith Studies these days. So, #WealthOfTweets it was. 4/10
We wanted to read the whole thing and share the whole thing in the hopes of giving people a fun and lively way to find out what's IN THE BOOK. And maybe that would encourage them to read it rather than just quote it or talk about what they think is in it. 5/10
All that seems more important that ever because we learned yesterday that the @Edinburgh_CC has Adam Smith's gravesite on a list of sites connected to slavery and colonialism that should be reviewed for consideration and...some sort of response/removal. 6/10
As loyal readers of #WealthOfTweets know, this is grade A nonsense. Smith hated slavery. Smith thought the colonial project was a cruel, irresponsible, disastrous MESS. 7/10
Edinburgh should be having a parade in his honor, not talking about whether he should be shuffled off stage like someone's embarrassing great uncle. 8/10
Yesterday we were excited but today we're feeling a little misty-eyed, to tell you the truth. 🥺🥺🥺 We'll be wrapping up #AdamSmith's #WealthOfNations with the end of Book V, Chapter 3, on public debts. (V.iii.47–92) #WealthOfTweets#SmithTweets
Also yesterday: Smith laid out the situation of European (and especially British) government debt. It seemed bad!
But not everyone thought so! Some people argued that debt effectively adds to a country's capital.
Nah, says Smith. (V.iii.47–51) #WealthOfTweets#SmithTweets
There's a set amount of capital available in any given country. The government borrowing can't create more, it can only divert some of what there already was (to less productive purposes!). (V.iii.47–51) #WealthOfTweets#SmithTweets
Were we geographically proximate, we'd pinch each other. We must be dreaming! (V.iii.) #WealthOfTweets#SmithTweets
This chapter is on government financing through debt. That sounds like a bit of a slog, but it's not so bad if you think of it as 40 pages of low-key (sometimes not so low-key) #SmithSnark. (V.iii.) #WealthOfTweets#SmithTweets
It's been so long since Smith explained that in pre-commercial society the rich had no way to spend their 💰 but on dependents—commerce gave them somewhere to spend 💰 and thus freed their dependents, that he has to explain it again. (V.iii.1) #WealthOfTweets#SmithTweets
Today we will finally conclude #AdamSmith's thoughts on consumption taxes in #WealthOfNations.
You may be inclined not to believe us at this point, and we, the SmithTweeters, couldn't exactly blame you. But it's true! (V.ii.k.) #WealthOfTweets#SmithTweets
In fact, today will conclude all of Smith's thoughts on taxes, which we began discussing long ago, in days of yore. (V.ii.) #WealthOfTweets#SmithTweets
It's been so long since we started this journey that Smith takes a paragraph to remind us that any tax meant to raise money from the poor should be on their luxuries and not their necessities. (V.ii.k.44) #WealthOfTweets
Exise duties are a tax that falls mostly on goods produced at home for consumption at home—generally a few goods that are widely used.
These are mostly luxuries, except for the salt, leather, soap, candles thing.
Smith includes in necessaries not just what's needed for physical survival, but what's required by common decency in a given society at a given time. He uses the examples of linen shirts and leather shoes for British working class men. (V.ii.k.3–4) #WealthOfTweets#SmithTweets