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Adam Smith and Amartya Sen - Markets and Famines in Pre-Industrial Europe

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Author Info
Cormac Ó Gráda (University College Dublin)

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Abstract

How markets perform during famines has long been a contentious issue. Recent research tends to associate famine with market segmentation and hoarding. The evidence of this paper, based on an analysis of the spatial and temporal patterns of price movements during four famines in preindustrial Europe, is that markets functioned ‘normally’ in times of crisis.

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File URL: http://www.ucd.ie/economics/research/papers/2002/WP02.18.pdf
File Format: application/pdf
File Function: First version, 2002
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Publisher Info
Paper provided by School Of Economics, University College Dublin in its series Working Papers with number 200218.

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Length: 42 pages
Date of creation: 16 Aug 2002
Date of revision:
Handle: RePEc:ucn:wpaper:200218

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  1. Cormac Ó Gráda & Jean-Michel Chevet, 2000. "Market Segmentation and Famine in Ancien Régime France," Working Papers 200005, School Of Economics, University College Dublin. [Downloadable!]
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  2. Robert W. Fogel, 1989. "Second Thoughts on the European Escape from Hunger: Famines, Price Elasticities, Entitlements, Chronic Malnutrition, and Mortality Rates," NBER Historical Working Papers 0001, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Alogoskoufis, George & Smith, Ron, 1991. " On Error Correction Models: Specification, Interpretation, Estimation," Journal of Economic Surveys, Blackwell Publishing, vol. 5(1), pages 97-128.
  4. Sherwin Rosen, 1999. "Potato Paradoxes," Journal of Political Economy, University of Chicago Press, vol. 107(S6), pages S294-S313, December. [Downloadable!] (restricted)
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