Adam Smith wrote, in the Wealth of Nations in 1776: "Disagreeableness and disgrace affect the profits of stock in the same manner as the wages of labour. The k

Adam Smith wrote, in the Wealth of Nations in 1776: "Disagreeableness and disgrace affect the profits of stock in the same manner as the wages of labour. The keeper of an inn or tavern, who is never master of his own house, and who is exposed to the brutality of every drunkard, exercises neither a very agreeable nor a very creditable business. But there is scarce any common trade in which a small stock yields so great a profit." Airbnb is a remarkable innovation that allows landlords externalize those negatives, while keeping the profits.