BC LAW
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#AdamSmith, #WealthOfNations, and #CornLaws!
What more could you possibly want on a Saturday morning? (IV.v.b) #WealthOfTweets #SmithTweets

 Yes, it’s the Digression Concerning the Corn Trade and Corn Laws! We can barely contain ourselves long enough to remind you that “corn” doesn’t mean 🌽 It means the principal cereal crop of a nation. (We keep saying so because we keep forgetting.) #WealthOfTweets #SmithTweets
#TLDR on #AdamSmith’s thoughts on the Corn Laws:

They’re bad. (IV.v.b.1) #WealthOfTweets #SmithTweets
Corn merchants can be broken down into four groups. Smith loves to break things down into groups.
1) Inland traders
2) Importers
3) Exporters
4) Transporters (IV.v.b.2) #WealthOfTweets #SmithTweets
If inland traders raise their prices higher than supply and demand will allow, they’ll discourage consumption beyond “thrift and good management.” People will go hungry and crops will rot.

That's bad. (IV.v.b.3) #WealthOfTweets #SmithTweets
If inland traders don’t raise prices high enough, people will overbuy, traders will lose profits, and the food will run out before the end of the season and people will go hungry.

That's bad. (IV.v.b.3) #WealthOfTweets #SmithTweets
Careful attention to supply and demand and sensible pricing means that inland traders get the best profit and the people don’t starve.

It's the #InvisibleHand at work. That's good! (IV.v.b.3) #WealthOfTweets #SmithTweets
If it were possible to have a monopoly on corn, a merchant might destroy crops to raise prices. But it’s too hard to do this with corn—too many merchants, too much corn. (IV.v.b.4) #WealthOfTweets #SmithTweets
You don’t get dearth and famine from inland merchants colluding over prices.

You get dearth from war and bad weather.

You get famine from government interference. (IV.v.b.5–6) #WealthOfTweets #SmithTweets
When the government sets prices for corn, they either keep corn off the market ➡ early famine, OR encourage people to buy too much too soon ➡ end-of-season famine.

People don't like it, but free trade is the only solution. (IV.v.b.7) #WealthOfTweets #SmithTweets
When the govt interferes and famine results, everyone blames the corn merchants, not the government.

They seem, to Smith, to be the most hated of all merchants in history. (IV.v.b.8–10) #WealthOfTweets #SmithTweets
"Our ancestors seem to have imagined" they could save money by cutting out the middleman.

We, the SmithTweeters, regret to fill you in about the prejudices of your descendants, Dr. Smith. (IV.v.b.11) #WealthOfTweets #SmithTweets
Middlemen have always seemed to consumers like they make money by doing nothing but increasing the cost of goods they buy before reselling them. (Just ask @mungowitz!) But what middlemen do is bring resources to where they are more valued. (IV.v.b.11) #WealthOfTweets #SmithTweets
Where resources are most valued might be another time or another place. Middlemen know they can make a profit by carrying corn to where it's needed or holding corn until it's needed, and then charging more because it's needed more. (IV.v.b.11–21) #WealthOfTweets #SmithTweets
The prejudice against middlemen resulted in regulating agriculture very differently than manufacturing:
Manufactures were forbidden to sell their wares directly. Farmers were required to. (IV.v.b.12–14) #WealthOfTweets #SmithTweets
These regulations prevented not only the division of labor but the development of land.

That makes corn more expensive, which was the opposite of what the laws intended! Oooooops. (IV.v.b.17) #WealthOfTweets #SmithTweets
Treating corn merchants like any other wholesale dealers would help ensure we use our land, our corn, our money, and our time better. We'd all be better off! (IV.v.b.18–21) #WealthOfTweets #SmithTweets
Adam Smith thinks George III gets some things wrong in the corn laws.

American SmithTweeters agree! (IV.v.b.23–26) #WealthOfTweets #SmithTweets
The corn laws are like laws against witchcraft. They’re irrational and they blame people for bad things that they are not causing. The rational thing is free trade. (IV.v.b.26) #WealthOfTweets #SmithTweets
#AdamSmith discusses the mathematics of politics for three paragraphs.
Then he says, “I have no great faith in political arithmetic.”
Moving on. (IV.v.b.27–30) #WealthOfTweets #SmithTweets
Importers of foreign corn increase supply and lower prices.

That’s good!

Corn farmers and merchants disagree for reasons Smith has been explaining for some time now, but high import duties lead to want and scarcity. (IV.v.b.32–35) #WealthOfTweets #SmithTweets
Counterintuitively, exporters help keep supplies up at home.

Unless farmers are allowed to export, they’ll be too cautious about planting more than they can sell. Failed crops, etc. will lead to an undersupply. (IV.v.b.36) #WealthOfTweets #SmithTweets
We’ve always been nicer to exporters than importers or inland merchants. Maybe because it’s fun to charge high prices to foreigners?
(You should see our international SmithTweeting rates!) (IV.v.b.38) #WealthOfTweets #SmithTweets
In case you're not sure, Smith still thinks free trade is the answer. Forbidding farmers from selling goods to the best market (home or overseas) is unjust as well as unproductive. (IV.v.b.39) #WealthOfTweets #SmithTweets
Why keep regulating? As with religion, we think our own interest is so great the government should push people around to protect it. We build bad laws and worse systems and do dumb things like persecuting "witches". (IV.v.b.40) #WealthOfTweets #SmithTweets
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[That’s some epic #SmithSnark. We bet #DavidHume drew little hearts in the margin by that paragraph.] (IV.v.b.40) #WealthOfTweets #SmithTweets
Merchants who import grain in order to export it somewhere else are basically banned in England.

That's bad.

A country that serves as a storehouse will never starve! (IV.v.b.41–42) #WealthOfTweets #SmithTweets
Another #TLDR: Stop praising the corn laws and start treating agriculture more like manufacturing. (IV.v.b.43–53) #WealthOfTweets #SmithTweets
One more time. Corn Laws Bad. Free Trade Good!

Good Digression. Good job, everyone. See you tomorrow! #WealthOfTweets #SmithTweets

More from @AdamSmithWorks

@AdamSmithWorks
@AdamSmithWorks
@adamsmithworks
The great thing about #AdamSmith is that when he's about to go off on a 65 page tangent, he warns you. Humans, we bring you the DIGRESSIONS ON SILVER! #OhLawdHeComin #WealthOfTweets

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. https://t.co/NtOmttquJ3 (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

Super Important 18thC Vocab Geekery: When Smith says the price of the quarter of wheat wasn't “supposed to be < 4 oz silver” he doesn’t mean “shouldn't be.” He means “wasn't thought to be.” He’s not approving of fixed prices. (I.xi.e.7) #WealthOfTweets #SmithTweets

So. Many. Wheat. Prices. (But really, Smith is talking about how much wheat it takes to buy a quantity of silver, NOT how much silver it takes to buy a quantity of wheat.) (I.xi.e.1–14) #WealthOfTweets #SmithTweets
SOCIETY
@AdamSmithWorks
@AdamSmithWorks
@adamsmithworks
Smith Fans! It’s the conclusion of chapter 11 of #WealthOfNations!! We made it! (1.xi.p.2) https://t.co/Tb0JBqJs9E
#WealthOfTweets #SmithTweets

Improvements make things cheaper, but they also raise the rent of land, which makes landlords richer, and lets them purchase more labor. Neglect and decay, though, make everyone poorer. (1.xi.p.2–6) #WealthOfTweets #SmithTweets

Smith says landowners won't mislead the public about what’s in the public interest, because their interest aligns with the public interest. Also they're lazy and kind of dumb, because they don't have to do anything to make their money. (I.xi.p.8) #WealthOfTweets #SmithTweets

The kerfuffle over the Enclosure Acts might have given him second thoughts. (1.xi.p.8) #WealthOfTweets #SmithTweets

Laborers suffer the most when a society is in decline. But they are incapable (‽‽‽‽‽) of understanding how they are tied to society at large. (1.xi.p.9) #WealthOfTweets #SmithTweets
SOCIETY
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@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
#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
Today we come to the topic @EconTalker has called one of the more underemphasized lessons from #AdamSmith: That the Division of Labor is limited by the Extent of the Market. a.k.a Book 1 Chapter 3. #WealthOfTweets #SmithTweets

We love ya, Smith, but we see why people don't dwell on this chapter. Unless they are really into the navigable waterways of the late 18th century. (I.iii.3–8) #WealthOfTweets #SmithTweets #RiverEnthusiastsRejoice


The first two paragraphs of this chapter are the meatiest. Then things get a little...#WealthOfTweets #SmithTweets


The more people there are to trade with, the more labor can be divided. Wealth of the people included in the market increases disproportionately as the division of labor progresses. Because division of labor is special sauce. (I.iii.1-2)#WealthOfTweets #SmithTweets

This seems like common sense. No one to trade with? You won't produce stuff for trade. Instead you'll produce the things you need, and because you need many things you won't specialize. No specialization, no division of labor. (I.iii.1–2) #WealthOfTweets #SmithTweets
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We're standing by in the virtual courtroom for @CraigMurrayOrg's trial to begin. Our tweets will be on this thread. More info on the case can be found at

Presiding are Lord Turnbull, Lord Menzies and Lady Dorian. Court its now in session.

#CraigMurray
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We are today attending the virtual hearing for #AllisonBailey’s claim against Stonewall & Garden Court Chambers.

Discussions on redactions in papers.

Ben Cooper QC for @BluskyeAllison arguing against redactions.

#AllisonBailey

#AllisonBailey

Ben Cooper trying to establish communications between individuals at Stonewall & individuals at Garden Court Chambers. Arguing names of individuals is relevant and they put in public domain.

#AllisonBailey

Robin Moira White arguing private Facebook group is not public domain.

#AllisonBailey

Ben Cooper QC discussing individuals who had made complaints to Garden Court Chambers. Discussion is can these individuals be publicly named or should they be redacted in papers. These individuals have connections with Stonewall.
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⚠️ENDGAME: VOTER ID LAWS⚠️

1/17

One of the goals of the 2020 election is to show the public rampant proof of voter fraud so every state would be pressured to implement strict Voter ID Laws.
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Charlie Munger on Delayed Gratification:

I've also got the money-sense gene. The first 13 years I practiced law, my income from practicing law was $300,000 total.

At the end of that 13 years, what did I have?

1/


A house. Two cars. And $300,000 of liquid assets. Everyone else'd have spent that slender income, not invested it shrewdly, and so forth.

I just think it was, to me, it was as natural as breathing, and of course I knew how compound interest worked!

2/

I knew when I saved $10 I was really saving $100 or $1,000 ,because of the future growth of the $10.

It just took a little wait. And when I quit law practice it was because I wanted to work for myself instead of my clients, because I knew I could do better than they did.

3/

You only get a few opportunities, and you have to grab them aggressively when they come because even in the most favored life, they're really rare.

I always feel that the opportunities are rare. I only get a few and then I have to seize them aggressively.

4/

Now that lesson I just talked about, it is taught in no business school I know of. But…everybody who has any sense ought to know [that] at the start of life, and practically nobody does.

I just described reality the way it really is.

5/
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1/n How come we still have academics sustaining narratives of #obesity rather than of how real people find value & meaning in everyday lives? Revisit @whatsthepont on @tobyjlowe / @snowded & accept criticising "neoliberal" does not make things

New out 🤯 A review which says lots about the academic context in which it was written - with its embedded behaviorist fixations on just implementing *better* - with complete disregard for the unintended consequences of treating "agency" as a dirty word

In all #becausehuman fields, we see justifiable professional kick-back at reductionist agendas driven by a focus on #obesity & nonsensical CMO guidance of 60 min of moderate-to-vigorous physical activity (MVPA) per day for healthy growth and development


What's fundamentally missing is not just a respect for complexity. It's respect for Homo-Narrans - for the ordinary, everyday story-telling folk all around us whose aspirations & dispositions provide the context in which we find meaning, purpose & value

We don't need spurious arguments against initiatives... but let's consider ethics & unintended consequences - on which, see @snowded (especially around epistemic justice) #becausehuman
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FOR LATER READ , LAW

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Knowing whether old ideas are more likely to be good requires understanding whether conditions have changed in important ways.

Horse archery was an amazing method of warfare for over a thousand years...then people invented guns, and suddenly this great idea that had stood the test of time became obsolete.

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"Learning the lessons of history" usually just means assuming ergodicity and stationarity in an informal time-series model...

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SRI BANKEY BIHARI JI, VRINDAVAN (UP)

Very famous Krishna Mandir where Bankey Bihari Ji is worshipped and looked after as a child.
Bankey means “Bent at three places”.
Thakur Ji was worshipped in Nidhivan till 1863. This mandir was constructed in 1864 by Goswamis.
@LostTemple7


Legend says that Swami Haridas used to worship Krishna in Nidhivan.
Once, his curious disciples entered the forest but they were almost blinded by bright, intense light. Upon knowing this, Swamiji himself went there and after his requests, Krishna appeared with his consort.


Krishna, then, left back this black charming murti,which we see now, before disappearing.
A curtain is drawn before the murti after every 15-30 second. It is said that if one stares long enough into the eyes of Shri Banke Bihari, the person would lose his self consciousness.


Bankey Bihari Ji sports a flute only once a year on the eve of Sharad Purnima.
Darshan of His lotus feet can be done only on Akshay Tritiya every year.
There are no loud bells here and
no early morning Darshan can be done so that child Krishna’s sleep is not disturbed.
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1/ Here’s a list of conversational frameworks I’ve picked up that have been helpful.

Please add your own.

2/ The Magic Question: "What would need to be true for you


3/ On evaluating where someone’s head is at regarding a topic they are being wishy-washy about or delaying.

“Gun to the head—what would you decide now?”

“Fast forward 6 months after your sabbatical--how would you decide: what criteria is most important to you?”

4/ Other Q’s re: decisions:

“Putting aside a list of pros/cons, what’s the *one* reason you’re doing this?” “Why is that the most important reason?”

“What’s end-game here?”

“What does success look like in a world where you pick that path?”

5/ When listening, after empathizing, and wanting to help them make their own decisions without imposing your world view:

“What would the best version of yourself do”?
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