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World Economic History

World Economic History. October 15, 2007. The Modern Man. Chapter 9. Changes in the Malthusian world. Decrease in interest rates Increase in literacy and numeracy Increase in working hours Decrease in interpersonal violence. Where did these changes come from?.

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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

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