Korean Expansion and Decline from the Seventeenth to the Nineteenth Century: A View Suggested by Adam Smith
利用韩国大米价格数据，构建斯密式重农模型，解释18世纪价格稳定与19世纪价格波动，分析产权、投资、制度等因素如何推动繁荣与导致衰落，并与中国对比提出东亚前现代农业模式。
The first price runs for Korean rice help us develop a Smithian physiocratic model to explain the low, stable prices of the eighteenth century and the rising, volatile prices of the nineteenth. Ownership rights provided incentives, and productivity after 1600 exceeded subsistence to achieve rural commercialization. Infrastructure investment from the late seventeenth century promoted development and prosperity, but declining investment, dysfunctional institutions, bad weather, and a population crash pushed the economy towards subsistence in the nineteenth. Decline saw rice monoculture, inflation, and price volatility even before imperialism's impact. Parallels with China suggest an “East Asian” premodern agricultural model.