EconAir

Adam Smith - Our Founding Father ADAM SMITH VISITS A PIN FACTORY   Adam Smith’s description of a pin factory is on the first page of  The Wealth of Nations .  (Chapter 1 – “Of the Division of Labour”)  Drawings of pin factories of this period show workers using hand tools. Smith says the process can be broken down into 18 distinct steps, including packaging the pins. Smith mentions that pin factory workers were poorly paid, despite their high productivity.    Adam Smith says he visited a pin factory employing 10 men who produced 48,000 pins per day.  If each of the ten workers had done all the steps themselves, Smith says each worker could produce only 10 or 20 pins per day.  So the pin factory replaces 2,400 to 4,800 pin makers. The increase in labor productivity (output per person per day) is as high as 50 times that of individual pin makers.     This reduction in unit cost or average cost (AC) and the huge i...

I HEARD THE NEWS TODAY THESE ARE NOT SATIRES. TRUMP AND HIS OFFICIALS ARE TRYING TO PUT ME OUT OF BUSINESS!   The acting head of the Federal Emergency Management Agency told employees that he did not know the United States has a hurricane season.   Kash Patel, the new head of the FBI, has called the FBI “Government Gangsters.” He has started giving FBI agents polygraph tests to root out leakers and disloyal agents. Many top FBI agents have been fired or reassigned to immigration cases. American criminals and Russian spies in the U.S. rejoice.   Michael Boren, an Idaho ranch owner and a Trump donor, is  Trump’s nominee to oversee the very agency , The Forest Service, he has had a long-running feud and legal conflicts with over his decision to build an airstrip on protected land. Trump intends to visit him when he receives his new 747 from the UAE. A number of Republicans who voted for Trump's "big, beautiful" budget admitted they didn't read the entire bill and didn...

  This is a summary of the reasons Germany lost World War I.   The  Entente  was the alliance of France, Russia, and England, later including the United States. Sometimes called the Allies.   German Planning (Schlieffen Plan) Germany’s strategy was based on the Schlieffen Plan, first developed by the head of the German General Staff in the 1890s. The essence was that most of the German Army would quickly attack France, before France could fully mobilize, and defeat France in six weeks. Then much of the army could be quickly transported on Germany’s superb railroad system to the east to defeat Russia. The Plan was reviewed and updated by the German General Staff every year up to 1914, first under Schlieffen and then under his successor, von Moltke. Helmut von Moltke was the nephew (and namesake) of the general that led German forces to victory over France in the Franco-Prussian War of 1870-71.   The elder von Moltke, thinking about Germany’s future after his...