Global Environmental Risks
TL;DR: The need to manage climate risks is not a new: it has shaped social institutions for many centuries in medieval England, a peasant farmer's land was broken into many widely-dispersed parcels.
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Abstract: The need to manage climate risks is not a new: it has shaped social institutions for many centuries In medieval England, a peasant farmer’s land was broken into many widely-dispersed parcels Economic historians interpret this as a way of hedging climate risk (see references in Bromley [9]) Land in different locations would be affected differently by droughts, floods and frosts By spreading land holdings over different locations, as well as by organizing agricultural cooperatives and buying insurance, farmers have managed climate risk for many centuries
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References
The Quarterly Journal of Economics
Simon Kuznets
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Abstract: I. Formulation of the question. A brief historical survey, 381. — II. Recent discussion in Germany: Lederer, Loewe, Carrel, 386. — III. In what sense the equilibrium theory is valid, 392. — IV. The clement of time differences: Rosenstein-Rodan, further elaboration, 401. — V. Time differences and the cumulation of random changes, 408. — VI. Summary, 412.
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