Hmm, interesting. But why was the cost of capital relative to labor so high?
I’ve been chewing on that one a lot. I don’t have a satisfying answer yet. The sheer size/density of the population is one hypothesis, and crop yields are another (rice vs wheat). But I don’t feel like I understand it yet.
Hmm, interesting. But why was the cost of capital relative to labor so high?
I’ve been chewing on that one a lot. I don’t have a satisfying answer yet. The sheer size/density of the population is one hypothesis, and crop yields are another (rice vs wheat). But I don’t feel like I understand it yet.