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The demand elasticity for wheat in the 14th to 18th centuries

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  • Barquín, Rafael

Abstract

A very low demand elasticity for wheat –the so-called King's Law– is one of the most commonly accepted assumptions made by cliometricians. But there is little and contradictory evidence to contrast this. In fact, Robert Fogel's estimates confirm the hypothesis whereas Karl Gunnar Persson's reject it. The aim of this article is to shed new light into this debate through an improved version of Fogel's procedure, using price and production data for several Western European countries in the Premodern Age. The results confirm Persson's estimate.

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  • Barquín, Rafael, 2005. "The demand elasticity for wheat in the 14th to 18th centuries," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 23(2), pages 241-267, September.
    • Handle: RePEc:cup:reveco:v:23:y:2005:i:02:p:241-267_01
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