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A Model of Crisis in a Peasant Economy

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  • McGregor, Pat

Abstract

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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  • McGregor, Pat, 1990. "A Model of Crisis in a Peasant Economy," Oxford Economic Papers, Oxford University Press, vol. 42(4), pages 793-811, October.
    • Handle: RePEc:oup:oxecpp:v:42:y:1990:i:4:p:793-811
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    Cited by:

    1. Mohammed SHARIF, 2000. "Inverted “S”—The complete neoclassical labour-supply function," International Labour Review, International Labour Organization, vol. 139(4), pages 409-435, December.
    2. Worstell, James & Colley, Barry, 1993. "Enabling Resilience and Enhancing Assets: Famine Mitigation from a Seeds and Tools Perspective," USDA Miscellaneous 336999, United States Department of Agriculture.

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