ECON 4130 Final: ECON 4130 Exam 2 Study Guide
5 Oct 2018
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(3 pts) according to the domar model, what 3 things are incompatible simultaneously? (2 pts) which two were present in the manorial system? (3 pts)what are the three sections in the 3-course rotation? (2 pts) Why was this innovation important for growth during the middle ages: 3 things are incompatible simultaneously. Incompatibility of free land, free labor and non-working, landholding class: which two are present in the manorial system. Farmer pays lord a fixed rent and gets to keep the output of the land (usually referred to as tenancy). The farmer bears all the risk of a bad crop. He gets to keep all the additional output as a result of his effort: under a fixed wage contract. Landlord pays farmer a fixed wage and landlord gets to keep the output of the land. Farmer has little incentive to work hard; farmer will put out only enough effort to not get caught shirking : under a manorial system.
