korrents

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Pre-modern subsistence farmers were minimising the risk of starvation rather than maximising output, and their apparently backward practices are rational once that is understood.

Drawn from what Bret Devereaux said

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What Bret Devereaux actually said

  1. Bret Devereaux Ancient and military historian specialising in the economy…
    These small subsistence farmers generally seek to minimize risk, rather than maximize profits. After all, improving yields by 5% doesn’t mean much if everyone starves to death in the third year because of a tail-risk that wasn’t mitigated.

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