3 ms·
i think it's basically why the black death raised wages for its survivors
by pizza 9y ago
i think it's basically why the black death raised wages for its survivors
- dredmorbius 9y agoThe observation of several economists, at least under a Malthusian Trap scenario, is "vice is virtue, virtue is vice". That is, bad news (famine, war, plauge, natural disaster) ultimately reduces populations and increases living standards. Good news (peace, prosperity, plenty) increases populations and pushes them up against carrying capacity. Cf, Gregory Clark, A Farewell to Alms, though I believe it's pretty common.