Law of Gregory King

Law of Gregory King is the law attributed to Gregory King (1648-1712) who estimated that a deficiency in the wheat harvest of:


 * 10% would raise prices by 30%
 * 20% would raise prices by 80%
 * 30% would raise prices by 160%
 * 40% would raise prices by 280%
 * 50% would raise prices by 450%

This "law" or estimate was an advance over the still more crude formulation of the quantity theory of money which held that any drop in the supply would lead to a proportional rise in prices.

Links

 * at Wikipedia