The efficiency of sharecropping: evidence from the postbellum south.

Southern Economic Journal | January 1, 2003| | Copyright

1. Introduction

Views on sharecropping have been and remain controversial. Following Adam Smith, virtually all classical economists considered sharecropping inefficient. Their argument was epitomized by Alfred Marshall (1920) and became the well-known Marshallian theory of sharecropping. (1) According to the Marshallian theory, sharecropping leads to Pareto-inefficient allocation of labor because sharecroppers are paid only a percentage, rather than all, of their marginal product of labor and thus would rationally reduce their work effort. Although it has been ...

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