The severe drought in 1936 revealed an advantage of hybrid corn not previously recognized – its drought tolerance. This revealed ecological resilience motivated some farmers to adopt hybrids despite their commercial unattractiveness in normal years. That response to climate change had a...

Neglected, but significant, the long-run consequence of the minimum wage requirement – which was made national policy in the United States in 1938 – is its stimulation of capital deepening. This took two forms. First, the engineered shortage of low-skill, low-paying jobs induced...