A Model of Crisis in a Peasant Economy
The principal asset of many poor peasants is their labor power. Despite a basic level of development, a rural economy can experience famine alongside a competitive labor market. The model constructed to explain this distinguishes peasants by the level of their endowment. A peasant with insufficient resources to survive in isolation will accept a wage rate that will leave him destitute, but alive, at the end of the agricultural year. A poorer peasant will be unable to match such a wage offer, having less assets to realize. Thus, the poorest strata are left unemployed and starving despite the labor market clearing. Copyright 1990 by Royal Economic Society.
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Volume (Year): 42 (1990)
Issue (Month): 4 (October)
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