Online hobbies pursued for fun and profit ... well, just fun: arguing with people who've not read Adam Smith

Person 1: If you believe [Smith], what does that mean for labor?

Homo economicus illiteratus: It means you are fairly compensated for your work and you pay fair prices for the product of other people's work.

Space Alien Cat: He might disagree: "in a country where the funds destined for the maintenance of labour were sensibly decaying....[m]any would not be able to find employment even upon these hard terms, but would either starve, or be driven to seek a subsistence either by begging, or by the perpetration perhaps of the greatest enormities. Want, famine, and mortality would immediately prevail in that class, and from thence extend themselves to all the superior classes...."

... and so forth.

#economics #livingWage #AdamSmith #WealthOfNations

https://news.ycombinator.com/item?id=19323126

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