1. Conditional economic history: a reply to Komlos and Landes.
- Author
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McCloskey, Donald N.
- Subjects
GRAIN ,INTEREST rates ,BUSINESS cycles ,AGRICULTURE - Abstract
The article presents information on a comment on the paper "Anachronistic Economics: Grain Storage in Medieval England," by J. Komlos and R. Landes that appeared in the 1991 issue of the journal "Economic History Review." The notion was that English fields were diverse enough that insurance against disaster was achieved by holding plots on the hill and in the valley, in the sands and in the clay. Meanwhile, economist S. Fenoaltea criticized the original notion, on the grounds that storage might be possible. As a theoretical possibility, Fenoaltea noted, if one could store grain cheaply they would not need to inconvenience themselves while growing it. Seven years of storage is good insurance against seven years of dearth and scattering would be unnecessary. Fenoaltea offered little evidence either at the time or later for the low cost of storage. If storage were very costly, then Fenoaltea's speculation could be set aside, and the insurance theory of scattering would gain in credence. It is of course not possible to construct direct measures by adding up such components as the rate of interest and the rate of rotting: medieval bond rates are difficult to interpret and no one knows how much of the peasant's crop rotted.
- Published
- 1991
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