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World Economic History

Explore the factors behind the modern man's world with changes such as decreased interest rates, increased literacy and numeracy, longer working hours, and reduced interpersonal violence. Discover the evolution of human preferences and the influence of survival of the richest.

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World Economic History

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  1. World Economic History October 15, 2007

  2. The Modern Man Chapter 9

  3. Changes in the Malthusian world • Decrease in interest rates • Increase in literacy and numeracy • Increase in working hours • Decrease in interpersonal violence

  4. Where did these changes come from? • Evolution of human preferences • Survival of the richest

  5. Interest rates • Decline in the risk free real rate of return on capital: • England 1200: 10% • England 1800: 3-4% • Why were interest rates higher before the IR? • Explanation a) Insecurity of property rights • Explanation b) Change in rate of time preference

  6. Literacy

  7. Violence

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