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Economic effects of the Black Death: Spain in European perspective

Author

Listed:
  • Carlos Álvarez-Nogal

    (Universidad Carlos III de Madrid)

  • Leandro Prados de la Escosura

    (Universidad Carlos III de Madrid)

  • Carlos Santiago-Caballero

    (Universidad Carlos III de Madrid)

Abstract

The Black Death was the most devastating demographic shock in recorded human history. However, the effects in the European population were highly asymmetrical as were its economic consequences. This paper surveys the short and long run economic effects of the plague in Spain in European perspective. While the demographic impact in Spain was moderate compared to the European average, the economic effects were more severe and incomes per head fell sharply. This was a consequence of the existence of a frontier economy in Spain characterised by a relative scarcity of labour and a fragile equilibrium between factors of production. Unlike most of Europe, in Spain the Black Death increased inequality as the remuneration of labour decreased more rapidly than proprietors’ gains. In the long term the Plague reinforced the frontier economy status. KEY Classification-JEL: I10; N13; N33; O52

Suggested Citation

  • Carlos Álvarez-Nogal & Leandro Prados de la Escosura & Carlos Santiago-Caballero, 2020. "Economic effects of the Black Death: Spain in European perspective," Investigaciones de Historia Económica - Economic History Research (IHE-EHR), Journal of the Spanish Economic History Association, Asociación Española de Historia Económica, vol. 16(04), pages 35-48.
    • Handle: RePEc:ahe:invest:v:16:y:2020:i:04:p:35-48
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    Cited by:

    1. Remi Jedwab & Noel D. Johnson & Mark Koyama, 2022. "The Economic Impact of the Black Death," Journal of Economic Literature, American Economic Association, vol. 60(1), pages 132-178, March.
    2. Guido Alfani, 2022. "Epidemics, Inequality, and Poverty in Preindustrial and Early Industrial Times," Journal of Economic Literature, American Economic Association, vol. 60(1), pages 3-40, March.
    3. Prados de la Escosura, Leandro & Rodríguez-Caballero, C. Vladimir, 2022. "War, pandemics, and modern economic growth in Europe," Explorations in Economic History, Elsevier, vol. 86(C).
    4. Leandro Prados de la Escosura & Carlos Álvarez-Nogal & Carlos Santiago-Caballero, 2022. "Growth recurring in preindustrial Spain?," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 16(2), pages 215-241, May.
    5. Alfani, Guido, 2020. "Pandemics and asymmetric shocks: evidence from the history of plague in Europe and the Mediterranean," CAGE Online Working Paper Series 478, Competitive Advantage in the Global Economy (CAGE).

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    More about this item

    Keywords

    Black Death; Frontier economy; Malthusian economy; Spain;
    All these keywords.

    JEL classification:

    • I10 - Health, Education, and Welfare - - Health - - - General
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N33 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: Pre-1913
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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