9
Economic effects of population decline.
§
Price fluctuations, with
general deflation after
1375.
§
Prices of agricultural
goods fall relative to
manufactured goods.
§
Real wages increase.
§
Rents decline, as does
cultivation of marginal
lands.
P’
P
S
D’
D
Supply and demand for agricultural
products in Europe before (D) and
after (D’) the plague.
