BC SOCIETY
Saved by @CodyyyGardner

OK! Who's ready to talk at great length and in great detail about prices? #AdamSmith, that's who! (I.v) #BuckleUp because this is the first of three chapters Smith prepped us for yesterday. (I.v) #WealthOfTweets #SmithTweets

 We're about get into some #LaborTheoryOfValue. (I.v.1–18) We, the SmithTweeters, are firmly on board with the #MarginalRevolution (and we are fans of @MarginalRevolt). But Smith's theory is more complex than is often recognized. #WealthOfTweets #SmithTweets #ValueHowDoesItWork
The caricature version of the #LaborTheoryOfValue is that the longer you work on a thing, the more it must be worth. This is obviously wrong, and Smith (and Marx, btw) would agree that it's wrong. (I.v.1–18) #WealthOfTweets #SmithTweets
(We know this version of the #LaborTheoryOfValue is wrong because we once carved a giant statue of #AdamSmith out of haggis. Took us hours. No one wanted to buy it. Go know!)
Again: We think the #LaborTheoryOfValue as it's actually presented is wrong, too, but we should at least understand how it's wrong and where it's right. (I.v.1–18) #WealthOfTweets #SmithTweets
Whether you're rich or poor depends on purchasing power, which is really just the ability to command more labor. Exchange allows (and requires) us to benefit from the labor of others and not just ourselves. (I.v.1) #WealthOfTweets #SmithTweets #WeAreAllConnected
Smith defines the "real price" of a good as the toil and trouble that's put into producing it, "which it can save himself, and which it can impose on other people." (I.v.1) #WealthOfTweets #SmithTweets
For this reason, wealth is power because it gives us the power to direct the labor of others, even as it makes us dependent on them. (I.v.3) #WealthOfTweets #SmithTweets #WeAreAllConnected
Sure, says Smith, labor is where the real value in all commodities lies. But! Labor hours are not how we typically measure value. (We told you so.) This is in part because things like hardship and ingenuity matter. (I.v.4) #WealthOfTweets #SmithTweets #LaborTheoryOfValue
We don't need to be completely accurate when measuring labor because we have "the higgling and bargaining of the market" which "though not exact, is sufficient for carrying on the business of common life." (I.v.4) #WealthOfTweets #SmithTweets
In other words: real value is a thing, but it's hard to measure. For practical purposes, we rely on exchange value. (I.v.5) #WealthOfTweets #SmithTweets
And exchange value? That's measured in terms of the goods and services being exchanged. They're the product of labor, but not measured in labor. Remember: it's hard to make change when bartering (especially cows), so we use money. (I.v.5–6) #WealthOfTweets #SmithTweets
But money is complicated! In Smith's time it was backed by gold, sliver, and copper—all of which had market values that vary with the country's supply of those metals. (I.v.7) #WealthOfTweets #SmithTweets
(And we can't blame metal-backed money for that. Modern-day currencies vary in price relative to each other and in terms of purchasing power over time.) (I.v.7) #WealthOfTweets #SmithTweets
This isn't even a problem that just affects money. All the prices are changing all the time! That's why it would be great if there were an objective measure of value to compare things to. (I.v.7) #WealthOfTweets #SmithTweets
This is why Smith wants to use labor to measure value, even if it's not how we really do things. "Equal quantities of labour, at all times and places, may be said to be of equal value to the labourer." (I.v.7) #WealthOfTweets #SmithTweets
(Dear Readers, one of the SmithTweeters is Canadian and let her just say that putting those Us into "labour" for the purposes of a direct quote really hit the spot. #BritishEnglishFTW)
But wait! Didn't Smith say we 𝗰𝗮𝗻'𝘁 usefully compare quantities of labor? (Don't go back to check. He totally did.) (I.v.7) #WealthOfTweets #SmithTweets #LaborTheoryOfValue
Smith was 𝙫𝙚𝙧𝙮 particular with his wording. So. Many. Revisions. He's trying to perfectly express his ideas. So what, EXACTLY, did he say? (I.v.7) #WealthOfTweets #SmithTweets #LaborTheoryOfValue
Smith is talking about quantities of labor by a particular worker from the perspective of that worker. Not some general measurement of labor that applies to all workers. (I.v.7) #WealthOfTweets #SmithTweets #LaborTheoryOfValue
So *to the worker*, equal quantities of work are comparable. How much time and effort did they have to put into getting what they want? That's what really matters to them. (I.v.7) #WealthOfTweets #SmithTweets #LaborTheoryOfValue
There is an important truth here! It's just not the kind that economists can plug into equations and models. (I.v.7) #WealthOfTweets #SmithTweets #LaborTheoryOfValue
Smith reminds us of the difference between the real and nominal price of labor: The real price is how many things the laborer wants/needs and can get for labor. The nominal price is how much money he can get. (I.v.9) #WealthOfTweets #SmithTweets
A laborer is wealthy or poor based on whether they can get what they want/need, regardless of how much money it costs. Money is sort of beside the point. That's why Smith focuses on labor. #WealthOfTweets #SmithTweets #ValueHowDoesItWork
And... you know what? That's a lot for one day. We'll finish up Chapter 5 tomorrow. #SmithTweetersNeedSomeTea #WealthOfTweets #SmithTweets

More from @AdamSmithWorks

@AdamSmithWorks
@AdamSmithWorks
@adamsmithworks
Happy New Year! On Monday, we start tweeting about #AdamSmith 's whole #WealthOfNations at the rate of about a chapter a day! Don’t miss it! #WealthOfTweets #SmithTweets

Today, we’re looking at “The Introduction and Plan of the Work” because although it is New Year’s Day, we, the SmithTweeters, are still Very Serious Smith Scholars. #WealthOfTweets #SmithTweets

TFW you start reading “The Introduction and Plan of the Work” and realize that elevator speeches were invented before elevators. #WealthOfTweets #SmithTweets

How hard people work &how many are working is more important to national wealth than resources &climate. So much for Montesquieu et al saying climate determines levels of industriousness or laziness. (Int. 3) #WealthOfTweets #SmithTweets

We swear we’re going to come back to Smith and this “savage nations” phrase he keeps dropping. We just can’t do it on January 1st. (Int. 4) #WealthOfTweets #SmithTweets
SOCIETY
@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
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@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
CULTURE
@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
Here we go! Tweeting our way through #WealthOfNations! It’s a marathon, not a sprint, so be sure to stretch, stay hydrated, and keep a steady pace. #WealthOfTweets #SmithTweets

That’s one heck of a first sentence, Dr. Smith. No dithering here. The division of labor is the secret sauce that increases productivity. (I.i.1) #WealthOfTweets #SmithTweets

We always forget the pin factory comes this early and that Smith looks at it not because pins are important (though they are!) but because it’s a small industry that you can look at all at once.(I.i.3) #WealthOfTweets #SmithTweets

How many pins can the SmithTweeters make in a day? How bad do you want them to be? (I.i.3) #WealthOfTweets #SmithTweets

Do you think the pin guys were all “Dude, we let you observe our work, told you how many pins in a pound, showed you every step in the process...and you call us a ‘trifling manufacture’? Not cool, Smith!” (I.i.4) #WealthOfTweets #SmithTweets
SOCIETY

More from Society

kurt lash
kurt lash
@kurtlash1
1/ The “I Have a Dream" speech is one of the most extraordinary speeches in American history. You should read it again. First, a few thoughts about the common American heritage Dr. King relied upon in calling Americans to rededicate themselves to the unfinished work of freedom.


2/ Dr. King delivered his speech in what he called the “hallowed spot” of the Lincoln memorial. More than a picturesque backdrop, King relied on America’s reverence for Lincoln and the common celebration of Lincoln’s words and acts, especially the Emancipation Proclamation.


3/ “Five score years ago…” King echoes the words of the Gettysburg Address. Like Lincoln, King invokes the Declaration of Independence and the fundamental principles of American freedom, “life, liberty and the pursuit of happiness.” Every person in that crowd knew these words.


4/ The Declaration, Constitution and Emancipation Proclamation declared and established the fundamental American principles of freedom that all Americans knew and believed in. But these principles and promises remained unfulfilled for black Americans.


5/ Lincoln’s audience knew the history of slavery and many had suffered personal loss in the ongoing war. Dr. King’s audience knew the history of violent racism, segregation, and unequal economic opportunity. The Proclamation freed the slaves, “but the Negro still is not free.”
HISTORY , SOCIETY
Evan Sparks
Evan Sparks
@EvanSparks
So, as the #MegaMillions jackpot reaches a record $1.6B and #Powerball reaches $620M, here's my advice about how to spend the money in a way that will truly set you, your children and their kids up for life.

Ready?

Create a private foundation and give it all away. 1/

Let's stipulate first that lottery winners often have a hard time. Being publicly identified makes you a target for "friends" and "family" who want your money, as well as for non-family grifters and con men. 2/

The stress can be damaging, even deadly, and Uncle Sam takes his huge cut. Plus, having a big pool of disposable income can be irresistible to people not accustomed to managing wealth. https://t.co/fiHsuJyZwz 3/

Meanwhile, the private foundation is as close as we come to Downton Abbey and the landed aristocracy in this country. It's a largely untaxed pot of money that grows significantly over time, and those who control them tend to entrench their own privileges and those of their kin. 4

Here's how it works for a big lotto winner:

1. Win the prize.
2. Announce that you are donating it to the YOUR NAME HERE Family Foundation.
3. Receive massive plaudits in the press. You will be a folk hero for this decision.
4. Appoint only trusted friends/family to board. 5/
SOCIETY
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Yaneer Bar-Yam
Yaneer Bar-Yam
@yaneerbaryam
I have been working on pandemic outbreaks for 15 years.

There is a misunderstanding of the difference between the response in much of the West, versus successful countries (including New Zealand and Australia).

Summarizing:

1.Reactive versus proactive and goal oriented.

1/-

2.Mitigation (slowing transmission) versus elimination (stopping transmission)

3.Gradually responding to increasing levels of infection by imposing greater restrictions which enables the infection rate to grow (red zone strategy), …

2/

versus starting with high restrictions to arrest transmission and relaxing restrictions only when the number of new cases is so low that contact tracing or localized short term action can stop community transmission (green zone strategy, including localized "fire fighting").

3/

4.Trying to keep economic activity and travel as open as possible but perpetuating the economic harm and imposing yoyo restrictions, versus making an initial sacrifice of economic activity and travel in order to benefit from the rapid restoration of normal economic activity.

4/

5.Focusing attention on few individuals resistant to social action because of shortsightedness or selfishness, versus recognizing the vast majority do the right thing if given clear guidance and support, which is what matters for success, as elimination is a robust strategy.

5/
SOCIETY
Pete Johnson \U0001f637 \U0001f499
Pete Johnson 😷 💙...
@pedrojuk
@danielashby @AdamWJT @Greens4HS2 @TheGreenParty @GarethDennis @XRebellionUK @Hs2RebelRebel @HS2ltd I'll bite. Let's try to keep it factual. There's a reasonable basis to some aspects of this question, that it might be possible to agree on. Then there are other, more variable, elements which depend on external factors such as transport and energy policy. /1

@AdamWJT @Greens4HS2 @TheGreenParty @GarethDennis @XRebellionUK @Hs2RebelRebel @HS2ltd First up, we know reasonably well how much energy it takes to propel a high-speed train along the HS2 route. We can translate that into effective CO2 generated by making some assumptions about how green the electricity grid is. /2

@AdamWJT @Greens4HS2 @TheGreenParty @GarethDennis @XRebellionUK @Hs2RebelRebel @HS2ltd Secondly, we have a reasonable grasp of how much CO2 is going to be generated by building HS2 - there are standard methods of working this out, based on the amount of steel, concrete, earthmoving, machine-fuelling etc required. /3

@AdamWJT @Greens4HS2 @TheGreenParty @GarethDennis @XRebellionUK @Hs2RebelRebel @HS2ltd Thirdly, we can estimate how much CO2 is generated by cutting down trees, and how much is captured by planting new trees. We can also estimate how much CO2 is needed to keep the railway running and generated by maintaining the track /4

@AdamWJT @Greens4HS2 @TheGreenParty @GarethDennis @XRebellionUK @Hs2RebelRebel @HS2ltd We know how much CO2 is saved by moving goods by freight train on the lines freed up by moving the express trains on to HS2, rather than by truck. /5
SOCIETY
Demagogue_Bingo \U0001f536\U0001f30d\U0001f1ea\U0001f1fa\U0001f95b\u2696\ufe0f\u2694\ufe0f\U0001f989\U0001f41d\U0001f480\U0001f3af\u2638\ufe0f
Demagogue_Bingo 🔶🌍🇪🇺🥛⚖...
@BingoDemagogue
@AuthorMonika No; we have been British here long before we were Scottish. British comes from 'Pritani' which is what the people here called themselves and the whole island before the Romans invaded.

When the Romans were here they Latinised this to Britannia, but also, for example, the Vindolanda tablets found at Hadrian's wall record the locals north of the wall as 'Britunculi' ' the little britons'

Looking at the post Roman period the 'scots' were Irish pirates who started to invade and colonize from the west. There has been a tribal split known between the 'British' - which covered the central belt where most of 'Scots' still live now, and the 'picts' to the North.


Now the latest research on the Picts suggests from their language that they and the 'British' had an originally common source and both from a same root proto-british language.


Then if you move forward to the Declaration of Arbroath - it literally says that the Scots invaded from Ireland and 'expulsis primo Britonibus et Pictis omnio deletis' - 'first routed the British then destroyed every single Pict'
SOCIETY

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Coffee Sloth \u2615
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*Heads-up that this thread will feature some extreme examples of homophobia and transphobia.*

Hey folks, have you ever wondered why trans people face constant accusations of fetishism, sexual predation and child abuse/grooming? Well, today let's talk about stochastic terrorism.

So, first we have to talk about what stochastic terrorism actually is. Remember when there was a conspiracy that there was a pedophile ring operating out of a pizza parlour basement, and a crazed gunman showed up? It's that sort of incitement that stochastic terrorism describes.

It's the demonisation or incitement against a group of people or individuals with the intent that other, unaffiliated parties will act upon it; it's the releasing doctored footage and a shooter show up at Planned Parenthood as a direct result of what he's been led to believe.

So with that in mind, let's talk about Russia's extreme anti-LGBT laws that banned the "promotion" of LGBT lifestyles to children. A move that specifically marked LGBT people as a threat to children, and resulted in neo-nazis meting out vigilante "justice" against gay men.


Groups such as this would lure unsuspecting gay men via dating sites, and brutalise and humiliate them on camera. They did so under the guise of combating child abusers, one group calling themselves "Occupy
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Anshul Pandey
Anshul Pandey
@Anshulspiritual
LING PURANA: IMPORTANCE AND CHARACTERISTICS

Reading Ling Purana provides bhog and moksha to the reader and listeners. It is about Shiva's sermon to Brahma when Shiva entered the Agni Ling and preached about Dharma sidhhi through the stories of Agni Kalp.


Vyasji divided this into two parts. This book is different from others and has eleven thousand shlokas which depict the glory of Shiva. This Puran is the summary about importance of Tridev.
It starts first with a questions. Then it describes the Shrishti in brief.

Then there is description of Yog and Kalp. Next is the evolution of Ling and its puja Vidhi. It consists of dialogue between Sanat Kumar and Shail etc. It also mentions the character of Dadhichi, the dharma representation of that yug, Bhuvan kosh description,

Chandravansh and Surya vansh. Next there is elaborate description of Shrishti, story of Tripur, Ling and Pashu Paash vimoksha, Vrats for Shiva, Discipline, Repentance, Arisht, description of Shri Shail. Next is the story of Andhakasur, Varah, Narsingh,

k¡lling of Jalandhar, Shiv sahastra naam, story of Daksha's yagya and its destruction, killing of Madan and marriage of Parvati.

Next is Vinayak katha, Shiv tandav, Ambrish katha and Upmanyu .
RELIGION
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Anshul Pandey
Anshul Pandey
@Anshulspiritual
TYPES OF SINS(PAAP) AS PER SKAND PURAN.

There are three types of Adharma- Sthool, Sukshma and Ati Sukshma. The group of Sins in the Sthul section carries you to Narak. These sins are committed through your thoughts, words and deeds.


It is of four types.

1)First is the sin committed by your mental state-
Thinking about woman other then your spouse.

A)Resolution to amass wealth from others.

B)Thinking ill about others.

C)Thinking of doing a forbidden or unworthy deed.

2)Second is the sin that you commit through your words :-

A)Talking irrelevant things.

B)Telling a lie.

C)Speaking harshly.

D)Talking ill about others.

3)Third type of sin is committed through your body actions-

A)Eating food not prescribed to you or forbidden.

B)Violence.

C)Eating fancier food.

D)Acquiring other's wealth.

So these twelve types of sins.

There are six types of sinners or Mahapatak

1)One not bowing his head in front of a temple.

2)Never praise Shiva.

3)People who behave untowardly way in front of Ishwar.

4)People who do not show respect to Ishwar, guru or one who are undignified.

5)One who do not behave properly.

6)One who is jealous of other bhakts.

Below is the list of sins which people may commit.

1)One who does not help a needy person or a person in pain,
RELIGION
Dr Amanda Moehring
Dr Amanda Moehring
@FlyBehaviour
In Academia, people aren’t always supported when they need it. I want to share what @WesternU did when my husband died right after the pandemic shutdown. It should be shared with other uni’s as a model for empathy and proactive care when someone is in crisis.
1/
#AcademicChatter
SCIENCE
Filippo Valsorda
Filippo Valsorda
@FiloSottile
“We don’t negotiate salaries” is a negotiation tactic.

Always. No, your company is not an exception.

A tactic I don’t appreciate at all because of how unfairly it penalizes low-leverage, junior employees, and those loyal enough not to question it, but that’s negotiation for you after all. Weaponized information asymmetry.

Listen to Aditya


And by the way, you should never be worried that an offer would be withdrawn if you politely negotiate.

I have seen this happen *extremely* rarely, mostly to women, and anyway is a giant red flag. It suggests you probably didn’t want to work there.

You wish there was no negotiating so it would all be more fair? I feel you, but it’s not happening.

Instead, negotiate hard, use your privilege, and then go and share numbers with your underrepresented and underpaid colleagues. […]
LIFE