[go: up one dir, main page]
More Web Proxy on the site http://driver.im/
IDEAS home Printed from https://ideas.repec.org/p/crs/wpaper/2020-30.html
   My bibliography  Save this paper

Wealth and Shifting Demand Pressures on the Price Level in England After the Black Death

Author

Listed:
  • Anthony EDO

    (CEPII.)

  • Jacques MELITZ

    (CREST, CEPII and Heriot-Watt University.)

Abstract
The scale of the rise in personal wealth following the Black Death calls the life-cycle hypothesis of consumption into consideration. This paper shows for the first time that the wealth effect of the Black Death on the price level continued in England for generations, up to 1450. Indeed, in absence of consideration of the wealth effect, other influences on the price level do not even appear in the econometric analysis. The separate roles of coinage, population, trade, wages and annual number of days worked for wages all also receive attention and new results follow for adjustment in the labor market.

Suggested Citation

  • Anthony EDO & Jacques MELITZ, 2020. "Wealth and Shifting Demand Pressures on the Price Level in England After the Black Death," Working Papers 2020-30, Center for Research in Economics and Statistics.
    • Handle: RePEc:crs:wpaper:2020-30
    as

    Download full text from publisher

    File URL: http://crest.science/RePEc/wpstorage/2020-30.pdf
    File Function: CREST working paper version
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Alfani, Guido & Murphy, Tommy E., 2017. "Plague and Lethal Epidemics in the Pre-Industrial World," The Journal of Economic History, Cambridge University Press, vol. 77(1), pages 314-343, March.
    2. Gregory Clark, 2005. "The Condition of the Working Class in England, 1209-2004," Journal of Political Economy, University of Chicago Press, vol. 113(6), pages 1307-1340, December.
    3. Martin Allen, 2011. "Silver production and the money supply in England and Wales, 1086–c.1500," Economic History Review, Economic History Society, vol. 64(1), pages 114-131, February.
    4. Jane Humphries & Jacob Weisdorf, 2019. "Unreal Wages? Real Income and Economic Growth in England, 1260–1850," The Economic Journal, Royal Economic Society, vol. 129(623), pages 2867-2887.
    5. Goldstone, Jack A., 2021. "Dating the Great Divergence," Journal of Global History, Cambridge University Press, vol. 16(2), pages 266-285, July.
    6. Guido Alfani, 2021. "Economic Inequality in Preindustrial Times: Europe and Beyond," Journal of Economic Literature, American Economic Association, vol. 59(1), pages 3-44, March.
    7. Gregory Clark, 2005. "The Condition of the Working Class in England, 1209-2004," Journal of Political Economy, University of Chicago Press, vol. 113(6), pages 1307-1340, December.
    8. Allen, Robert C., 2001. "The Great Divergence in European Wages and Prices from the Middle Ages to the First World War," Explorations in Economic History, Elsevier, vol. 38(4), pages 411-447, October.
    9. Miskimin,Harry A., 1975. "The Economy of Early Renaissance Europe, 1300–1460," Cambridge Books, Cambridge University Press, number 9780521290210, September.
    10. R. C. Allen & J. L. Weisdorf, 2011. "Was there an ‘industrious revolution’ before the industrial revolution? An empirical exercise for England, c. 1300–1830," Economic History Review, Economic History Society, vol. 64(3), pages 715-729, August.
    11. Miskimin, Harry A., 1964. "Monetary Movements and Market Structure—Forces for Contraction in Fourteenth-and Fifteenth-Century England," The Journal of Economic History, Cambridge University Press, vol. 24(4), pages 470-490, December.
    12. Pamuk, Şevket & Shatzmiller, Maya, 2014. "Plagues, Wages, and Economic Change in the Islamic Middle East, 700–1500," The Journal of Economic History, Cambridge University Press, vol. 74(1), pages 196-229, March.
    13. Nuno Palma, 2018. "Reconstruction of money supply over the long run: the case of England, 1270–1870," Economic History Review, Economic History Society, vol. 71(2), pages 373-392, May.
    14. John Hatcher, 2018. "Seven Centuries of Unreal Wages," Palgrave Studies in Economic History, in: John Hatcher & Judy Z. Stephenson (ed.), Seven Centuries of Unreal Wages, chapter 2, pages 15-69, Palgrave Macmillan.
    15. repec:oup:econjl:v:129:y:2019:i:10:p:2867-2887. is not listed on IDEAS
    16. Gregory Clark, 2007. "The long march of history: Farm wages, population, and economic growth, England 1209–18691," Economic History Review, Economic History Society, vol. 60(1), pages 97-135, February.
    17. Ronald Findlay & Rolf G. H. Henriksson & Håkan Lindgren & Mats Lundahl (ed.), 2006. "Eli Heckscher, International Trade, and Economic History," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262062518, April.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Anthony Edo & Jacques Melitz, 2024. "The Controversy over European Inflation in 1500–1700: Precious Metals or Population? The English Evidence," Open Economies Review, Springer, vol. 35(3), pages 659-685, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Claridge, Jordan & Delabastita, Vincent & Gibbs, Spike, 2024. "(In-kind) wages and labour relations in the Middle Ages: it’s not (all) about the money," LSE Research Online Documents on Economics 125597, London School of Economics and Political Science, LSE Library.
    2. Jane Humphries & Jacob Weisdorf, 2019. "Unreal Wages? Real Income and Economic Growth in England, 1260–1850," The Economic Journal, Royal Economic Society, vol. 129(623), pages 2867-2887.
    3. Liu, Ziang, 2024. "Wages, labour markets, and living standards in China, 1530–1840," Explorations in Economic History, Elsevier, vol. 92(C).
    4. Vincent Geloso & Peter T. Leeson, 2020. "Are Anarcho-Capitalists Insane? Medieval Icelandic Conflict Institutions in Comparative Perspective," Revue d'économie politique, Dalloz, vol. 130(6), pages 957-974.
    5. Ian Gazeley & Sara Horrell, 2013. "Nutrition in the English agricultural labourer's household over the course of the long nineteenth century," Economic History Review, Economic History Society, vol. 66(3), pages 757-784, August.
    6. Claridge, Jordan & Delabastita, Vincent & Gibbs, Spike, 2023. "Wages and labour relations in the Middle Ages: it's not (all) about the money," Economic History Working Papers 120307, London School of Economics and Political Science, Department of Economic History.
    7. James Foreman-Peck & Peng Zhou, 2021. "Fertility versus productivity: a model of growth with evolutionary equilibria," Journal of Population Economics, Springer;European Society for Population Economics, vol. 34(3), pages 1073-1104, July.
    8. Stephen Broadberry & Bruce Campbell & Alexander Klein & Mark Overton, 2010. "British economic growth, 1300-1850: some preliminary estimates," Working Papers 10009, Economic History Society.
    9. Hersh, Jonathan & Voth, Hans-Joachim, 2022. "Sweet diversity: Colonial goods and the welfare gains from global trade after 1492," Explorations in Economic History, Elsevier, vol. 86(C).
    10. van Bavel, Bas, 2016. "The Invisible Hand?: How Market Economies have Emerged and Declined Since AD 500," OUP Catalogue, Oxford University Press, number 9780199608133.
    11. Kumon, Yuzuru & Sakai, Kazuho, 2022. "Women’s Wages and Empowerment: Pre-industrial Japan, 1600-1890," Discussion Paper Series in Economics 18/2022, Norwegian School of Economics, Department of Economics.
    12. Ulrich Pfister & Jana Riedel & Martin Uebele, 2012. "Real Wages and the Origins of Modern Economic Growth in Germany, 16th to 19th Centuries," Working Papers 0017, European Historical Economics Society (EHES).
    13. James Foreman‐Peck & Peng Zhou, 2018. "Late marriage as a contributor to the industrial revolution in England," Economic History Review, Economic History Society, vol. 71(4), pages 1073-1099, November.
    14. Kumon, Yuzuru & Sakai, Kazuho, 2022. "Women's Wages and Empowerment : Pre-industrial Japan, 1600-1890," CEI Working Paper Series 2022-05, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    15. Guido Alfani & Hector García Montero, 2022. "Wealth inequality in pre‐industrial England: A long‐term view (late thirteenth to sixteenth centuries)," Economic History Review, Economic History Society, vol. 75(4), pages 1314-1348, November.
    16. Liu, Ziang, 2022. "Wages, labour market, and living standards in China, 1530-1840," Economic History Working Papers 115031, London School of Economics and Political Science, Department of Economic History.
    17. Robert C. Allen, 2021. "The Interplay among Wages, Technology, and Globalization: The Labour Market and Inequality, 1620-2020," Working Papers 20210065, New York University Abu Dhabi, Department of Social Science, revised Jun 2021.
    18. Paul R. Sharp & Jacob L. Weisdorf, 2012. "French revolution or industrial revolution? A note on the contrasting experiences of England and France up to 1800," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 6(1), pages 79-88, January.
    19. Alexandra de Pleijt & Jan Luiten van Zanden, 2021. "Two worlds of female labour: gender wage inequality in western Europe, 1300–1800," Economic History Review, Economic History Society, vol. 74(3), pages 611-638, August.
    20. Ericsson, Johan & Molinder, Jakob, 2018. "A Workers’ Revolution in Sweden? Exploring Economic Growth and Distributional Change with Detailed Data on Construction Workers’ Wages, 1831–1900," Lund Papers in Economic History 181, Lund University, Department of Economic History.

    More about this item

    Keywords

    Black Death; fourteenth-century England; price level; Great Famine.;
    All these keywords.

    JEL classification:

    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • J46 - Labor and Demographic Economics - - Particular Labor Markets - - - Informal Labor Market

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:crs:wpaper:2020-30. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Secretariat General (email available below). General contact details of provider: https://edirc.repec.org/data/crestfr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.