Can a Nation's Soil Explain Its Economic Fortunes?
Geege Schuman stashed this in Anthropology
Galor and Özak’s thinking, while data-driven, mostly yields abstract conclusions: The higher the crop yield, the more patient people will be, and the more patient people are, the more dependably their economies will grow. However, the pair's findings are occasionally quite concrete: Modern-day countries that, roughly 500 years ago, had crop yields one standard deviation higher than average build roughly one year of extra schooling into their education systems. In other words, if wheat was really shooting up for your ancestors 500 years ago, then you’re more likely to have had 12 years of schooling instead of 11.
A belief in the importance of education is just one part of why long-term thinking can contribute to economic growth. Economies that take the long view are more likely to make capital investments and spend money on research, and these tendencies often bring about lasting prosperity.
It takes rich dirt to get rich off dirt.
And then you're dirt rich when you hit pay dirt.
I think I just soiled myself.
There's gotta be a better way to say that.