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Books do not die: the price of information, Human Capital and the Black Death in the long fourteenth century

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  • Eltjo Buringh

Abstract

The overall price trend of late-medieval hand-written books was downwards, despite rising demand by a more literate population, causing upward pressure on prices. Gradually, higher writing speeds reduced late-medieval book prices. A lower price of information facilitated schooling and an increase in human capital. The plague’s demographic shock (1348-1351) reduced used book prices to one half or two-thirds of their pre-plague levels, while production costs of new books then rose. Cheaper access to information (used books) in combination with other post-plague trend breaks gave human capital in the Latin West a boost, and laid a foundation for modern economic growth.

Suggested Citation

  • Eltjo Buringh, 2014. "Books do not die: the price of information, Human Capital and the Black Death in the long fourteenth century," Working Papers 0055, Utrecht University, Centre for Global Economic History.
    • Handle: RePEc:ucg:wpaper:0055
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    References listed on IDEAS

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    4. Edward L. Glaeser & Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 2004. "Do Institutions Cause Growth?," Journal of Economic Growth, Springer, vol. 9(3), pages 271-303, September.
    5. Van Zanden, Jan Luiten, 2009. "The skill premium and the ‘Great Divergence’," European Review of Economic History, Cambridge University Press, vol. 13(1), pages 121-153, April.
    6. Clark, Gregory, 1988. "The cost of capital and medieval agricultural technique," Explorations in Economic History, Elsevier, vol. 25(3), pages 265-294, July.
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    Cited by:

    1. de Pleijt, Alexandra M., 2015. "Human capital and long run economic growth : Evidence from the stock of human capital in England, 1300-1900," CAGE Online Working Paper Series 229, Competitive Advantage in the Global Economy (CAGE).

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    Keywords

    : hand-written books; human capital; economic growth; black death; books;
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