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

By Anonymous (not verified), 26 August, 2019
55.00
Buringh, E.

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.