Agricultural Fluctuations and the English Economy in the Eighteenth Century

A notable difference of opinion exists among economic historians as to the effect of harvest fluctuations on general economic conditions. The question has arisen, specifically, in the interpretation of European experience in the eighteenth century. T. S. Ashton has suggested that good harvests, both by cheapening food and thus setting free purchasing power for others forms of expenditure, and by providing ampler supplies of agricultural products used as industrial raw materials, had a stimulating effect on the economy. J. D. Chambers and G. E. Mingay have taken the opposite view. According to them, bad harvests may have had the more beneficial effect, for the incomes of landowners and farmers were higher in lean years, and their prosperity or distress was of greater consequence than the dearth or cheapness of provisions.