markitect-main/examples/infospace-with-history/output/entities/cheap-years.md

Cheap Years

Definition

Periods of agricultural abundance and low prices that tend to increase the proportion of independent workmen relative to journeymen and servants, while also encouraging masters to employ more labour due to increased funds for maintaining servants.

Source Chapter

Book I, Chapter 8

Context

Examined for their effects on wages and employment patterns, with Smith arguing they tend to increase independent work and moderate labour application.

Economic Domain

General Theory

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