4:35. Reminds me of Warren Buffet's emphasis on buying a great stock at a good price, than a good stock at a great price. The underlying principle being that the inherent value of a 'insert whatever' can be independent of its perceived value in a moment of time.

As I read chapters 8 and 9, I wondered where Smith would weigh in on the battle across the USA and Canada (where I live) for a $15 minimum wage. He does say in chapter 9 that "In reality high profits tend much more to raise the price of work than high wages." And he was a highly intelligent moral philosopher. Although, he uncritically accepts the notion of colonies. Oh well, no-one's perfect.

The Function of Profits in Any Economy The critical function of profits is to inform the economy where precisely to direct the scarce factors of production of labor, capital and resources, those three categories having literally trillions of permutations. The purpose for profit is to ensure that the factors of production are not only correctly matched, but ensures that only the most productive avenues for the factors of production are realized, the greater the profit, the more urgently needed, therefore productive, is the resulting consumption good or service. We live in a world of scarcity, where millions of economic projects could be mounted, but which of those economic projects is the most productive, the most urgently needed? There's no way to tell without profit, profit being the economy's watchdog for the correct allocation of labor, capital and resources. Without profit entrepreneurs would be blind, deploying labor, capital and resources towards myriad wasteful business endeavors.

Great series :3

Just want to thank you guys for the great work.

the video image is too poor, you need to fix it more