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作者:University of Delaware
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作者:Yale University
摘要:In the United States a century ago, working children turned over almost all of their earnings to their parents. What incentives, then, did they have to work? Standard answers include altruism or the sticks wielded by parents and employers. This article argues that there were also carrots: working gave children greater influence in household decision making. Using data from the Bureau of Labor Statistics Cost of Living Survey 1917-1919, this article shows that working children had higher clothi...
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作者:Santa Clara University
摘要:Even after controlling for local economic conditions, differences in supervision and regulation help explain the large variation in state bank suspension rates across U.S. counties during the Great Depression. More stringent capital requirements lowered suspension rates whereas laws prohibiting branch banking and imposing high reserve requirements raised them. States whose bank supervisors could liquidate banks minimized contagion and credit-channel dislocations and experienced lower suspensio...
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作者:American University
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作者:Yale University
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作者:University of Notre Dame
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作者:University of California System; University of California Santa Barbara
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作者:Massachusetts Institute of Technology (MIT)
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作者:European University Institute
摘要:Agricultural distress in the 1920s is routinely quoted among the causes of the Great Depression. This article challenges the conventional-wisdom. World agriculture was not plagued by overproduction and falling. terms of trade. The indebtedness of American farmers, a legacy of the boom years 1918-1921, did jeopardize the rural banks, but the relation between their crises, the banking panic of 1930, and the Great Depression is tenuous at best.
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作者:Cornell University; Weill Cornell Medical Center
摘要:Long-distance trade depends crucially on the enforcement of long-distance contracts, those in which principals are significantly removed from agents. The problem of contract enforcement in the English East India Company reflected a multi-task principal-agent problem in which servants traded publicly for the company and at the same time conducted their own private trade. Private trade, sustained by the private use of company resources, and dismissals were the mechanisms that made East India con...