Grimmest theory about why Europe unexpectedly became the economic power of the early modern world: high death rates pushed up wages. The Black Death drove Europeans to cities that were unhealthy but rich & taxable death traps, taxes funded unending wars leading to more disease.☠️
Related thread on the long-term linkages of population levels and per-capita GDP
Open version of paper: papers.ssrn.com
And for those pointing out that historians have long written about the disruptive effect of the Plague, the the paper cites historians on that. But as an economics paper, the focus is in the continuing wage growth cycle post-Plague
And for those pointing out that historians have long written about the disruptive effect of the Plague, the the paper cites historians on that. But as an economics paper, the focus is in the continuing wage growth cycle post-Plague
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