BC ECONOMY
Saved by @Jacobtldr

#WealthOfNations I.ii is all about the secret sauce origin story: why does the division of labor happen in the first place? #AdamSmith illustrates (in part) with doggos to hold our attention. (I.ii.2,5) 🐶 #WealthOfTweets #SmithTweets #DoggosDontTrade

 Divsion of labor, Smith said yesterday, is responsible for a whole heckuva lot. But who thought of it? Nobody! It's "not originally the effect of any human wisdom, which foresees and intends that general opulence to which it gives occasion." (I.ii.1) #WealthOfTweets #SmithTweets
There's no mastermind behind economic exchange, our "propensity to truck, barter, and exchange one thing for another" (I.ii.1) arises out of our natural tendency to persuade one another and better our condition. #WealthOfTweets #SmithTweets
Yeah, there's a lot in that first paragraph. #WealthOfTweets #SmithTweets
You know what's coming, right? 🍖🍻🍞 Butchers, brewers, bakers: they don't make us things because they love us. They're not our moms. (I.ii.2) #WealthOfTweets #SmithTweets
Instead, we persuade them (with money! 💰💰💰) that it's best for them to provide what we want. Everybody wins! (I.ii.2) #WealthOfTweets #SmithTweets
This may sound cynical, but this kind of cooperation is all we've got, says Smith. The world's not made of moms. We have to connect to others by division of labor. (I.ii.2) #WealthOfTweets #SmithTweets
In "civilized"—economically developed—society, we can't be atomistic. Development only happens with division of labor, and division of labor puts us "at all times in need of the co-operation and assistance of great multitudes." (I.ii.2) #WealthOfTweets #SmithTweets
Of course, our interdependence means that we each hold a kind of power over each other. That leaves us vulnerable if the system collapses. So we'd better hope that the market system is heckin' robust. (I.ii.2) #WealthOfTweets #SmithTweets
We are so dependent on one another and our ability to persuade each other to help us through the market, rather than through personal appeals, that even a beggar can't rely entirely on the kindness of others. (I.ii.2) #WealthOfTweets #SmithTweets #WeAreAllConnected
Beggars might depend on the kindness of strangers to get money, but then they have to spend it to get the things they need. They use the market, just like the rest of us. (I.ii.2) #WealthOfTweets #SmithTweets
OK, apparently the second paragraph is a doozey, too. (I.ii.2) That's just how this book rolls. #WealthOfTweets #SmithTweets
All well and good, you're probably thinking by now, but I was promised dogs. WHERE ARE THE DOGS? Well, they're not trading with each other, we can tell you that much. 🐶🙅‍♀️💰 (I.ii.2) #WealthOfTweets #SmithTweets #DoggosDontTrade
This matters a lot! Dogs can make frens at the park, but otherwise they are useless to each other, no matter how different their skills are. But people are more useful to each other the more different we become! (I.ii.5) #WealthOfTweets #SmithTweets #DoggosDontTrade
Here's Smith at his best: What makes us different from each other? Basically, the division of labor. Not our family, our wealth, our nation, or our power. We're born equal, and our habits, customs, and education determine where we end up. (I.ii.4) #WealthOfTweets #SmithTweets
So markets and the division of labor emerge because we get good at stuff and help each other out. Division of labor makes us more different from one another. Markets make those differences the basis for cooperation. (I.ii.1–5) #WealthOfTweets #SmithTweets
Tomorrow, one of @Econtalker 's favorite sections of #WealthOfNations. Stay tuned, Smithketeers! We'll see you then!

More from @AdamSmithWorks

@AdamSmithWorks
@AdamSmithWorks
@adamsmithworks
#DivisionOfLAbor, we love it! Except it *does* make it a lot harder to provide for our own wants directly. We live by exchanging and cooperating with others. (I.iv.1) #WealthOfTweets #SmithTweets

#AdamSmith is too smart to think all this exchanging and cooperating got worked out easily from the very beginning. There must have been bumps in the road. (I.iv.2) #WealthOfTweets #SmithTweets

Butchers could have so much meat to trade with bakers/brewers that they could end up with an unusable surplus of bread/beer. That stalls trade. Smart people would work to have a supply of an always-useful trade item on hand. (I.iv.2) #WealthOfTweets #SmithTweets

(We, the SmithTweeters, have never encountered a surplus of bread or beer we couldn't handle. But let’s assume Smith knows what he’s talking about.) (I.iv.2) #WealthOfTweets #SmithTweets


This is how we get money, folks! We want a stable, always desirable, easily stored, and easily transportable thing we can trade for other stuff! (I.iv.2) #WealthOfTweets #SmithTweets
SOCIETY
@AdamSmithWorks
@AdamSmithWorks
@adamsmithworks
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

The price for which a commodity is sold ought to include a seller’s profit, because that’s how sellers pay themselves, just like they pay the wages of the laborers who work for them, who get their goods to market, etc. (I.vii.5) #WealthOfTweets #SmithTweet

Nerds among you may recognize the concept of economic profit here: it matters to the owners of stock whether they could have done better by using their stock elsewhere, not just whether they covered their costs. (I.vii.5) #WealthOfTweets #SmithTweets #WeLoveNerds
SOCIETY
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@AdamSmithWorks
@AdamSmithWorks
@adamsmithworks
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

But unlike the wild and rare stuff, there’s a limit on the price of this kind of produce, because when the price goes higher, we make more of it, which brings the price back down.(I.xi.l.1) #WealthOfTweets #SmithTweets

(We also find more profitable uses for, say, the wild grazing land, crowd the sheep out, and then *need* to cultivate them.) (I.xi.l.2) #WealthOfTweets #SmithTweet
FOR LATER READ
@AdamSmithWorks
@AdamSmithWorks
@adamsmithworks
Yesterday #AdamSmith said things work pretty well when people have perfect liberty to choose a trade and where to practice it? In this half of the chapter he specifies the ways people aren’t at perfect liberty, and whose fault it is. (I.x.c.1) #WealthOfTweets #SmithTweets

And (spoiler) it's government policy’s fault! They restrain competition in some places, increase it in others, and obstruct free movement of labor. (I.x.c.2) #WealthOfTweets #SmithTweets

Many government restraints on competition are “as foolish as can well be imagined.” Like how coachmakers can’t make the wheels for coaches, but wheelmakers can make coaches. (I.x.c.9) #WealthOfTweets #SmithTweets

Lots of the rules he objects to have to do with apprenticeships, which may be one reason he’s not a fan of apprenticeship in general. (I.x.c.11) #WealthOfTweets #SmithTweets

Your labor belongs to you. It’s unjust for anyone to interfere with your sacred right to work. That doesn’t mean they have to hire you, just that it is a violation if a guild or government forbids someone from working. (I.x.c.12) #WealthOfTweets #SmithTweets
SOCIETY
@AdamSmithWorks
@AdamSmithWorks
@adamsmithworks
Today we start the last book of #AdamSmith's #WealthOfNations.

Allons-y!

#WealthOfTweets #SmithTweets


Book Five of #WealthOfNations is all about the duties of the sovereign and how to pay for them. In this first part of chapter 1, we’re talking about the cost of defense. (V.i.a) #WealthOfTweets #SmithTweets


The sovereign's duty to protect the country can only be done through military force, but how you get the money to pay for that military varies according to time, place, and circumstance. (V.i.a.1) #WealthOfTweets #SmithTweets

In a hunter/gatherer society, everyone is always already a warrior, and since there isn’t really a sovereign or nation, no expense is required to maintain defense. Much the same is true of shepherding cultures. (V.i.a.2) #WealthOfTweets #SmithTweets

Armies of hunters are limited in size to a few hundred men (as they have to sustain themselves through the available game). Shepherds can muster larger forces because they bring their sustenance in the form of flocks. (V.i.a.3–5) #WealthOfTweets #SmithTweets
CULTURE , BOOK

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Paul Goldsmith-Pinkham
Paul Goldsmith-Pinkham
@paulgp
My friend @itsafronomics wanted to know the breakdown of student debt by income, so I pulled data from the SCF.

Student debt is more concentrated amongst high earners, but disproportionately amongst Black borrowers. The plot below plots the average within Income Quartiles.
1/n


But those are the averages. What's the share that's above 10k? (This is the Biden current cutoff for debt forgiveness, so a useful benchmark).

For comparison, 20% of white Americans have student debt, and 31% of Black Americans.


Let's contrast that with say, above 20k. I was surprised at how high the share remains.


When we get to 50k of student debt, or more, we see it's only about 5% of the US, and around 8% of Black Americans. Strikingly, it's a huge share of high income Black Americans (this is a known fact in the education literature, I believe).


So what does this look like put together? Overall, we see a higher share of Americans with debt above 10k, and 20k. We would cover a decent amount with 10k, but miss Black Americans especially.
ECONOMY
Rohit Lamba
Rohit Lamba
@rohlamba
0/ A holiday economic theory reading list. Some of my favorite pieces on theory that can be read with minimal sweat, but with the maximal intellectual reward. In no particular order:

1/ Myerson 1999. "Nash equilibrium & history of economic theory." JEL. Written with characteristic Myersonian elegance. "how a few short papers by a young mathematician achieved one of the great watershed breakthroughs in the history of social

2/ Blackwell & DeGroot 1986. “A conversation with David Blackwell.” Stat Science. After his PhD at 21, "There were 105 black colleges at that time & I wrote 105 letters of application." Beautiful discussion on a gamut of ideas & his intellectual life.

3/ Geanakoplos 1992. “Common Knowledge.” JEP. Zuper piece, lucidly written. Lots of interesting puzzles, great for teaching. When Moriarty says "All I have to say has already crossed your mind," Holmes retorts "then possibly my answer has crossed yours."

4/ Morris 1995. "The common prior assumption in economic theory.” E&P. This beauty was Stephen's first chap of PhD thesis! Does rationality imply CP? Does relaxing CP make theorizing uninteresting? Is failure of CP a failure of information processing?
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tadzio_mueller
tadzio_mueller
@MuellerTadzio
Until 2050 we'll likely see "a #supercycle in investments in 'clean' energy infrastructure, 'clean' transportation & everything that's required for the '#green' transition."

There's so much bullshit in here, I'll unpack some of it in a

2/x

1st (cf. @MGSchmelzer): there is no reason to assume that a massive productivity- & hence production-boom will lead to reduced emissions, because it will increase production&growth, & it is those two variables that global greenhouse emissions track most closely. #Degrowth.

3/x

Every time capitalism has made massive productivity gains (e.g. w/ the #steamengine; the taylorist #assemblyline; computers), that has led to a *radicalisation* of capitalism as a mass production system (as opposed to earlier versions, where luxury goods were for elites),...

4/x

So there's no reason believe that a new round of capitalist accumulation (#accumulationbydispossession / #primitiveaccumulation) - in this case: some kind of "#greencapitalism - will in any way positively impact emissions rates, but every reason to believe the opposite...

5/x

I would like to look into this, as it speaks to an often-overlooked issue: the relationship between different phases of capitalist development, such as imperialism, fordism, & post-fordism, connected to energy regimes (coal-based, oil-based, renewables-based capitalism)?
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Matt Stoller
Matt Stoller
@matthewstoller
1. Ok, so most people have a vague sense of frustration that the last Dem administration didn't do enough on the economy. But it's still just a vague sense. So my org wrote a report showing in detail, industry sector-by-sector, what policymakers did wrong.

2. We also wrote one pager descriptions of every sector. For instance, in media and telecommunications, there were multiple massive mergers (Comcast-NBC, Disney's roll-up, Charter-Time Warner).

3. Consequences were bad. The median weekly compensation of writer-producers on television and online series declined 23 percent between 2014 and 2016 despite record profits in the industry and peak demand for programming.

4. Health care, consolidation was bad. "From 2010 to 2015, Sanofi, Novo Nordisk, and Eli Lilly raised their insulin prices by 168 percent, 169 percent, and 325 percent, respectively; the three are essentially the only manufacturers of insulin in the U.S."


5. Newspapers, same story. Since 2005, America has lost 2,100 newspapers, one fourth of its total, leaving 1,800 communities without any local news coverage whatsoever.
ECONOMY
\u4e00\u5e26\u4e00\u8def Mainlander \U0001f1e8\U0001f1f3 in \U0001f1ed\U0001f1f0
一带一路 Mainlander 🇨🇳 in ...
@InsulaeW
I really think people have a very short-sighted view of the city and its key role in decades to come for the economy of 🇨🇳. Every so often, people have a handful of misconceptions about the city's future because they lack of basics in strategy 👇


https://t.co/6wuRzXGkYZ The West propaganda seems to make people think we are cracking down on 🇭🇰 people because we no longer need them and we will inevitably suppress their rights. Every now and then, I talk with people in 🇭🇰 who think the Great Firewall will extend to 🇭🇰

🇺🇸-led liberal order is very strong to come across 🇭🇰 people and make them believe what they want. Brainwashed people don't think rationally and fall for the lies and propaganda. This guy is one among so many others I met in 🇭🇰 who told me the same thing, that the city is doomed

They couldn't be more ignorant ! Unfortunately they will end up leaving the city and missing out on incredible opportunities... But they don't know that nothing will eventually change after 2047 ? 🙃Let me explain you why

I bet even after 2047 🇭🇰 will still enjoy a high degree of autonomy and freedoms that its mainland counterpart can’t enjoy : an independent legal and financial system, English as one of the official language, an access to the West internet, its traditional medias, etc.
ECONOMY

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JWALAMUKHI TRIPURASUNDARI, UTHANAHALLI, MYSURU (KAR)
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Jwalamukhi Tripursundari is believed to be the sister of Devi Chamundeshwari, the presiding deity of Mysuru
It is also that she represents the flaming mouth of Jalandhara, the demon whom Shiva crushed to death.


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हिमालय पर्वत की एक बड़ी पवित्र गुफा थी।उस गुफा के निकट ही गंगा जी बहती थी।एक बार देवर्षि नारद विचरण करते हुए वहां आ पहुंचे।वह परम पवित्र गुफा नारद जी को अत्यंत सुहावनी लगी।वहां का मनोरम प्राकृतिक दृश्य,पर्वत,नदी और वन देख उनके हृदय में श्रीहरि विष्णु की भक्ति अत्यंत बलवती हो उठी।


और देवर्षि नारद वहीं बैठकर तपस्या में लीन हो गए।इन्द्र नारद की तपस्या से घबरा गए।उन्हें हमेशा की तरह अपना सिंहासन व स्वर्ग खोने का डर सताने लगा।इसलिए इन्द्र ने नारद की तपस्या भंग करने के लिए कामदेव को उनके पास भेज दिया।वहां पहुंच कामदेव ने अपनी माया से वसंतऋतु को उत्पन्न कर दिया।


पेड़ और पौधों पर रंग बिरंगे फूल खिल गए और कोयलें कूकने लगी,पक्षी चहकने लगे।शीतल,मंद,सुगंधित और सुहावनी हवा चलने लगी।रंभा आदि अप्सराएं नाचने लगीं ।किन्तु कामदेव की किसी भी माया का नारद पे कोई प्रभाव नहीं पड़ा।तब कामदेव को डर सताने लगा कि कहीं नारद क्रोध में आकर मुझे श्राप न देदें।

जैसे ही नारद ने अपनी आंखें खोली, उसी क्षण कामदेव ने उनसे क्षमा मांगी।नारद मुनि को तनिक भी क्रोध नहीं आया और उन्होने शीघ्र ही कामदेव को क्षमा कर दिया।कामदेव प्रसन्न होकर वहां से चले गए।कामदेव के चले जाने पर देवर्षि के मन में अहंकार आ गया कि मैने कामदेव को हरा दिया।

नारद फिर कैलाश जा पहुंचे और शिवजी को अपनी विजयगाथा सुनाई।शिव समझ गए कि नारद अहंकारी हो गए हैं और अगर ये बात विष्णु जी जान गए तो नारद के लिए अच्छा नहीं होगा।ये सोचकर शिवजी ने नारद को भगवन विष्णु को ये बात बताने के लीए मना किया। परंतु नारद जी को ये बात उचित नहीं लगी।
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ugh i wanted to do a thread about the wars in Star Wars and how the two outlying wars (the clone wars in the prequels and the cold war/civil war in the sequels) are really weird but i don't feel like it any more.

my first argument is that the Clone Wars were a really complex morally gray moment in Star Wars canon in like, 5 different directions and I'd kind of like to know why Lucas did that.

especially with the direct line that's drawn in the OT with the allegory of WW2 and Vietnam with the rebels being the Vietnamese and the Empire being America. That...doesn't exist in the Clone Wars.

for starters: it's weird it's called the Clone Wars. I get why, because that's what Kenobi calls it in STAR WARS, but the clones are a small facet in the larger story of the war.

the clones basically only exist as a macguffin in AOTC that is...extremely confusing ultimately. Because if you accept that Sidious has this grand master plan to use this war to destabilize the Republic and form an Empire...it's way too complex.
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Sri Adi Jagannatha Perumal Temple, Thiruppullani, TN

Thiruppullani village is located in Ramanathapuram district, It is located 62.3 km distance from Rameswaram. The main tourist attraction in Thirupullani is Sri Adi Jagannatha Perumal Temple....👇👇
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This temple is mentioned in the Tamil classic devotional literature” Naalayira Dhivya Prabantham”, Thirumangai Azhwar sung a song on this place and the temple. and also Thiruppllai temple is referred in Valmiki Ramayana, Ramayana written by the great Tamil poet Kambar....👇


It is one of the 108 Divya Desam temples. Thiruppullani Sri Adi Jagannatha Perumal is also called as Sri Kalyana Jagannatha Perumal. It is believed that those who have difficulties or dhoshams regarding marriages and childbirth worship Jagannatha Perumal...👇
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