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.
Volume (Year): 42 (1990)
Issue (Month): 4 (October)
|Contact details of provider:|| Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK|
Fax: 01865 267 985
Web page: http://oep.oupjournals.org/
|Order Information:||Web: http://www.oup.co.uk/journals|
When requesting a correction, please mention this item's handle: RePEc:oup:oxecpp:v:42:y:1990:i:4:p:793-811. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.