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World Economic History

World Economic History

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World Economic History

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  1. World Economic History October 15, 2007

  2. The Modern Man Chapter 9

  3. Changes in the Malthusian world • Decrease in interest rates • Increase in literacy and numeracy • Increase in working hours • Decrease in interpersonal violence

  4. Where did these changes come from? • Evolution of human preferences • Survival of the richest

  5. Interest rates • Decline in the risk free real rate of return on capital: • England 1200: 10% • England 1800: 3-4% • Why were interest rates higher before the IR? • Explanation a) Insecurity of property rights • Explanation b) Change in rate of time preference

  6. Literacy

  7. Violence