#WealthofTweets, Book 1.1

political economy division of labor wealth of nations pin factory austrian economics productivity #wealthoftweets #smithtweets adam smith division of labor does adam smith think greed is good adam smith works

Sarah Skwire and Janet Bufton for @AdamSmithWorks 

4 Jan • 12 tweets • adamsmithworks/status/1346097483420749828

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

# SmithTweetsThat’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

Agricultural work can’t be as improved by the division of labor as other work, so it’s less likely to make a nation wealthy. Modern mechanization of farming may have changed this, but there’s no escaping the seasonal nature of the work. (I.i.4)#WealthOfTweets #SmithTweets

Okay, we are from the Midwest so we were startled to learn that when Smith talks about corn he means “the main cereal crop of a particular place.” Could be wheat, oats, or whatever. He’s not talking about corn on the cob. (I.i.4) #OhioProblems #WealthOfTweets #SmithTweets

Division of labor improves productivity 3 ways. (I.i.5–8) #WealthOfTweets #SmithTweets

1. We get good at one thing. (SmithTweeting!)

2. We don’t have to switch tasks. (It's why we don’t RousseauTweet...or is it?) 

3. We make better machinery. (Hand delivering tweets? Exhausting!)

Should we be sorry for or proud of the kid who was so smart that he invented his way out of a job? (I.i.8) #WealthOfTweets #SmithTweets

A little shade, a little praise. It’s Smith on philosophers!. They don’t exactly DO anything, but they see the connections between things that other people don't. (I.i.9) #WealthOfTweets #SmithTweets

Division of labor means we all get more productive, which means (if our society is well governed, which is a very big 𝐢𝐟, we know) we all get better off, even the least well off among us. That’s the secret sauce.(I.i.10) #WealthOfTweets #SmithTweets

WE LOVE THIS PART! 😍 The magic of the market: turning division of labor into worldwide cooperation among strangers to produce a woolen coat. People who see markets as only cutthroat competition need more Smith and need this bit specifically. (I.i.11) #WealthOfTweets #SmithTweets