American Economic Review Vol. 79 No. 5 1989
The Dynastic Cycle and the Stationary State
Abstract
A dynastic cycle is a periodic alternation of society between despotism and anarchy. In a society of farmers, rulers, and bandits, population growth simultaneously impoverishes farmers and reduces the ruler's surplus per head. Society evolves into a despotic stationary state or into a dynastic cycle depending on whether poverty among farmers chokes off population growth before the surplus shrinks to the point where rulers turn to banditry.
- Volume
- 79
- Issue
- 5
- Pages
- 1031-1044
- Sources
- bibtex:phds-export.bib