The poor-family condition where scarcity makes promises unreliable and short-term action rational.
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volatility
The poor-family condition where scarcity makes promises unreliable and short-term action rational.
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Key Notes
Because herding is volatile and boom-bust, pastoralists institutionalized loans, obligations, oath contracts, and fluid status rather than fixed bureaucratic slavery.
Timestamped Evidence
"...parents. Rich parents offer stability. Okay? Poor parents can only offer volatility. This is a very simple idea. Rich parents have money so they..."
"...opportunistic social organization. So they lived in a world of tremendous volatility because the entire world was a cattle. If the cattle died because..."
"So this is a deeply patriarchal society. All right? All right. Participation in long -distance trade, gift exchange, and a new set of codes..."
"Now you owe me a meal. If I take you out for a meal, I'm now your big brother, okay? And that's what keeps..."
"...will year by year improve. Right? The problem is that there's volatility in the stock market. It goes up and goes down. And the..."
"...funds throughout the world. Okay? So as you can see, there's volatility in returns in the pension fund. Okay? When you put the money..."
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