The Economic Impact of the Black Death

Jedwab, Rémi; Johnson, Noel D.; Koyama, Mark

doi:10.2139/ssrn.3689980

Cited by 14 publications

(9 citation statements)

References 105 publications

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“…5 This estimate is well within the range of 1 By contrast, the Black Death is often assumed to have affected so many workers that labor became scarce and wages rose substantially above the subsistence level, at least for an extended period. The extent to which this could have helped in escaping a Malthusian trap is discussed in Jedwab et al (2020a). 2 This is not always true, of course.…”

Section: Empirical Considerationsmentioning

confidence: 99%

“…), goods and factor prices are likely to change. For example, a disease that strongly reduces the working-age population implies rising wages in the long run (such as in the case of the Black Death; see also Jedwab et al, 2020a). As another example, the supply chain disruptions that lockdowns and social distancing cause will put upward pressure on consumer prices, whereas the reduction in consumption due to these measures will work in the opposite direction.…”

Section: Expenditure On Health Education and Infrastructurementioning

confidence: 99%

“…For Malthusian economies, explicit consideration may also be given to land as a fixed factor of production. For an analysis in the context of the Black Death see, for example,Jedwab et al (2020a).…”

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confidence: 99%

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Modern Infectious Diseases: Macroeconomic Impacts and Policy Responses

Bloom

Kühn

Prettner

2022

Journal of Economic Literature

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We discuss and review literature on the macroeconomic effects of epidemics and pandemics since the late twentieth century. First, we cover the role of health in driving economic growth and well-being and discuss standard frameworks for assessing the economic burden of infectious diseases. Second, we sketch a general theoretical framework to evaluate the trade-offs policy makers must consider when addressing infectious diseases and their macroeconomic repercussions. In so doing, we emphasize the dependence of economic consequences on (i) disease characteristics; (ii) inequalities among individuals in terms of susceptibility, preferences, and income; and (iii) cross-country heterogeneities in terms of their institutional and macroeconomic environments. Third, we study pharmaceutical and nonpharmaceutical policies aimed at mitigating and preventing infectious diseases and their macroeconomic repercussions. Fourth, we discuss the health toll and economic impacts of five infectious diseases: HIV/AIDS, malaria, tuberculosis, influenza, and COVID-19. Although major epidemics and pandemics can take an enormous human toll and impose a staggering economic burden, early and targeted health and economic policy interventions can often mitigate both to a substantial degree. (JEL E20, H50, I12, I14, I15, I18, J17)

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Section: Empirical Considerationsmentioning

confidence: 99%

Section: Expenditure On Health Education and Infrastructurementioning

confidence: 99%

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Modern Infectious Diseases: Macroeconomic Impacts and Policy Responses

Bloom

Kühn

Prettner

2022

Journal of Economic Literature

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“…European economies were severely affected ( Jedwab et al, 2020a , Jedwab et al, 2020 ). In rural areas, harvests went uncollected ( Robbins, 1928 ), and food prices increased ( Munro, 2003 ).…”

Section: Past and More Recent Epidemics And Scapegoatingmentioning

confidence: 99%

Epidemics, pandemics, and social conflict: Lessons from the past and possible scenarios for COVID-19

et al. 2021

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“…In that sense, decreased population leads to rising in per capita wealth. In the Smithian process to the Black Death, transaction cost played a crucial role, division of labor and specialization were no longer effective, so pandemics pressed downward pressure on the economy (Jedwab et al, 2020).…”

Section: Introductionmentioning

confidence: 99%

Past Pandemics and COVID-19: Do they Impact the Economy in the Same Way?

Brycz¹

2021

ERSJ

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Purpose:The aim of this article is to answer the question, whether COIVD-19 pandemic is different from a past pandemic. In the past, pandemics' death rate was a crucial driver to economic impact. Methodology: Panel data for 26 EU countries for industrial production, stringency index, economic support index, and COVID-19 death rate were assessed for significant determinants of economic activity measured by industrial production. At the first panel, estimation was conducted. Following discussion, Granger causality tests indicated links between death rate, stringency, and economic support. Findings: COVID-19 pandemic is different from previous pandemics, as the government action alters the connection between death rate and economic activity. Lockdown policy acts stronger on financial performance and later on the death rate.Practical Implications: Still, death rate is the primary driver for economic performance by influencing government decisions. Only breaking the link between cases and death rate would help to combat COVID-19. Originality/Value:The study is another one indicating vaccine rollout is crucial. But novel approaches suggest non-pharmaceutical intervention would not bring normality in the longer term, as the death rate made the government act.

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The Economic Impact of the Black Death

Cited by 14 publications

References 105 publications

Modern Infectious Diseases: Macroeconomic Impacts and Policy Responses

Modern Infectious Diseases: Macroeconomic Impacts and Policy Responses

Epidemics, pandemics, and social conflict: Lessons from the past and possible scenarios for COVID-19

Past Pandemics and COVID-19: Do they Impact the Economy in the Same Way?

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