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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

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  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.

Added to korrents 24 Jul 2020 · How quotes work · Something wrong? Tell us

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