Background we need for the 3 episode arc on the Agricultural Revolution which runs in episodes 18-20. The early 16th century Dutch have twice the percentage of people employed in Industry as the rest of Western Europe, as a concomitant they have half the percentage employed in Agriculture. How can this be? Trade is the answer. Basics of comparative advantage, futures markets, Pareto improvement and protectionism are introduced via example, rather than usual teaching methods. Coordination problems are discussed in Dutch water management and the price mechanism. Dutch success raises the awkward corollary of the failure of others. Tudor England does not have free markets. Adam and Eve and hard limits. Artificial intelligence. Personal farm story at the end.
Background we need for the 3 episode arc on the Agricultural Revolution which runs in episodes 18-20. The early 16th century Dutch have twice the percentage of people employed in Industry as the rest of Western Europe, as a concomitant they have half the percentage employed in Agriculture. How can this be? Trade is the answer. Basics of comparative advantage, futures markets, Pareto improvement and protectionism are introduced via example, rather than usual teaching methods. Coordination problems are discussed in Dutch water management and the price mechanism. Dutch success raises the awkward corollary of the failure of others. Tudor England does not have free markets. Adam and Eve and hard limits. Artificial intelligence. Personal farm story at the end.