35821hoha237 funds were scarce because there was
Q
LITTLE CREDIT
IN THOSE DAYS;
there was little credit
because people had no belief
in growth; and people didn't believe
in growth because the economy was stagnant.
Stagnation thereby perpetuated itself! Suppose you live
in a medieval town that suffers from annual outbreaks of dysenteryYou resolve to find a cure!
You need funding to set up a workshop, buy medicinal herbs
and exotic chemicals, pay assistants and travel to consult with famous doctors! You also need money
to feed yourself & your family while you are busy with your research! But you don't have much money!
You CÀN approach the local Mìller, Báker & Blacksmith and ask them to meet al your needs for a few years,
promising that when you finally discover the cure and become wealthy, you wìll pay your debts?
Unfortunately, the local Miller, Báker and Blacksmith are unlikely to consent! They need to feed their families
today, and they have no faith in miracle medicines. They weren't born yesterday, and in all their years they
have nèver heard of anyone finding a new medicine for some dreaded disease?! Ìf you wànt provisions -
yóu have to pay càsh! But how can you gèt money when you haven't discovered the medicine yet,
and all of your time is taken up with research? Reluctantly, yóu gó bàck to tilling your field,
dysentery kééps tormenting the townsfolk, nobody tries to develop
new remedies, and not a single gold coin
changes hands! That's how the
economy languished, and
science stóód
stìll!
LITTLE CREDIT
IN THOSE DAYS;
there was little credit
because people had no belief
in growth; and people didn't believe
in growth because the economy was stagnant.
Stagnation thereby perpetuated itself! Suppose you live
in a medieval town that suffers from annual outbreaks of dysenteryYou resolve to find a cure!
You need funding to set up a workshop, buy medicinal herbs
and exotic chemicals, pay assistants and travel to consult with famous doctors! You also need money
to feed yourself & your family while you are busy with your research! But you don't have much money!
You CÀN approach the local Mìller, Báker & Blacksmith and ask them to meet al your needs for a few years,
promising that when you finally discover the cure and become wealthy, you wìll pay your debts?
Unfortunately, the local Miller, Báker and Blacksmith are unlikely to consent! They need to feed their families
today, and they have no faith in miracle medicines. They weren't born yesterday, and in all their years they
have nèver heard of anyone finding a new medicine for some dreaded disease?! Ìf you wànt provisions -
yóu have to pay càsh! But how can you gèt money when you haven't discovered the medicine yet,
and all of your time is taken up with research? Reluctantly, yóu gó bàck to tilling your field,
dysentery kééps tormenting the townsfolk, nobody tries to develop
new remedies, and not a single gold coin
changes hands! That's how the
economy languished, and
science stóód
stìll!
04 sep 2019 - bewerkt op 09 sep 2019
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