Law of Gregory King
From Mises Wiki, the global repository of classical-liberal thought
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.[1]
References
- ↑ Percy L. Greaves, Jr. "Mises Made Easier ", 1974. Referenced 2014-07-18.
Links
- Gregory King at Wikipedia
