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Adam Smith and Amartya Sen : markets and famines in pre-industrial Europe

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  • Cormac Ó Gráda

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.

Suggested Citation

  • Cormac Ó Gráda, 2002. "Adam Smith and Amartya Sen : markets and famines in pre-industrial Europe," Working Papers 200218, School of Economics, University College Dublin.
    • Handle: RePEc:ucn:wpaper:200218
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    File URL: http://hdl.handle.net/10197/497
    File Function: First version, 2002
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    References listed on IDEAS

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    1. Sherwin Rosen, 1999. "Potato Paradoxes," Journal of Political Economy, University of Chicago Press, vol. 107(S6), pages 294-313, December.
      • Rosen, Sherwin, 1997. "Potato Paradoxes," Working Papers 135, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    2. O Grada, Cormac, 1997. "Markets and famines: a simple test with Indian data," Economics Letters, Elsevier, vol. 57(2), pages 241-244, December.
    3. Munir Quddus & Charles Becker, 2000. "Speculative Price Bubbles in the Rice Market and the 1974 Bangladesh Famine," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 25(2), pages 155-175, December.
    4. 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.
    5. O'Grada, C. & Chevet, J.-M., 2000. "Market Segmentation and Famine in Ancien Regime France," Papers 00/05, College Dublin, Department of Political Economy-.
    6. Allen, Robert C., 2000. "Economic structure and agricultural productivity in Europe, 1300–1800," European Review of Economic History, Cambridge University Press, vol. 4(1), pages 1-25, April.
    7. Alogoskoufis, George & Smith, Ron, 1991. "On Error Correction Models: Specification, Interpretation, Estimation," Journal of Economic Surveys, Wiley Blackwell, vol. 5(1), pages 97-128.
    8. Rashid, Salim, 1980. "The Policy of Laissez-Faire during Scarcities," Economic Journal, Royal Economic Society, vol. 90(3593), pages 493-503, September.
    9. Ejrnaes, Mette & Persson, Karl Gunnar, 2000. "Market Integration and Transport Costs in France 1825-1903: A Threshold Error Correction Approach to the Law of One Price," Explorations in Economic History, Elsevier, vol. 37(2), pages 149-173, April.
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    1. Ó Gráda, C. (2005) Market and famines in pre-industrial Europe
      by Ben in Economic History Blog on 2009-02-08 02:54:00

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