Over the last decade, I've taught my second-year students that there are three ways to solve the two economic problems of 'producing enough stuff' and 'distributing that stuff to the right people'. The first is the traditional or customary approach. For most of human history, we just did what our parents had done - farming, hunting or perhaps following a craft. Exchange was limited. This was a static economy – there was no need for technological innovation – with most humans living just above subsistence.
Command and conquer
Command and conquer
Command and conquer
Over the last decade, I've taught my second-year students that there are three ways to solve the two economic problems of 'producing enough stuff' and 'distributing that stuff to the right people'. The first is the traditional or customary approach. For most of human history, we just did what our parents had done - farming, hunting or perhaps following a craft. Exchange was limited. This was a static economy – there was no need for technological innovation – with most humans living just above subsistence.