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Sheilagh Ogilvie on Epidemics, Guilds, and the Persistence of Bad Institutions

Conversations with Tyler

CHAPTER

Pandemics and Market Behavior

This chapter examines the effects of historical epidemics on market dynamics, focusing on the voluntary market withdrawals prompted by pandemics throughout history. By contrasting the economic impacts of the Black Death and recent events like COVID-19, it highlights significant shifts in labor supply and wage dynamics, revealing both challenges and opportunities for societies in different eras.

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