chapter  2
39 Pages

Long- run price dynamics: the measurement of substitutability between commodities

ByMARK CASSON, NIGAR HASHIMZADE, CATHERINE CASSON

Price data is obviously important in analysing the behaviour of a market economy, but there are special reasons why historians have placed particular emphasis on prices.

• Price data is widely available; prices were recorded from a very early date, including in contracts, account books, diaries, exchequer records, and many such records have survived. As a result, historians often possess long runs of annual price data on a range of commodities for which no corresponding annual quantity data is available.