Publication: The elasticity of demand for wheat in the 14th to 18th centuries
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2005
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Universidad Carlos III de Madrid. Instituto Laureano Figuerola: Centro de Estudios Políticos y Constitucionales
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Abstract
Una muy baja elasticidad de la demanda de trigo –la llamada Ley de King– es una de las suposiciones más aceptadas entre los cliómetras. Pero hay una escasa y contradictoria evidencia que la pruebe. Las estimaciones de Robert Fogel
confirman la hipótesis; pero las de Karl Gunnar Persson la rechazan. El propósito de este artículo es resolver este debate a través de una versión mejorada del procedimiento de Fogel, con datos de precios y producción de varios países de Europa Occidental en las edades medieval y moderna. Los resultados confirman las
estimaciones de Persson.
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.
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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Elasticidad, Demanda, Trigo, Precios, Producción, Elasticity, Demand, Wheat, Prices, Production, King’s law
Bibliographic citation
Revista de Historia Económica Año XXIII verano 2005 n. 2 pp. 241-267