By Henryk Kierzkowski
ISBN-10: 0333998391
ISBN-13: 9780333998397
ISBN-10: 1403937672
ISBN-13: 9781403937674
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Sample text
If one argues that the underground sector tends to employ the same number of people per unit of output as the legal sector, then a better measure would be GDP per worker (which excludes illegal output in the numerator but also excludes illegal workers in the denominator). We did all the calculations reported in this chapter using GDP per worker and most of the conclusions are broadly similar. The inequality data used are based on the income shares from the Deininger and Squire (DS) data. These data are based on national-level surveys (these include both income and expenditure surveys).
In other words, an effective monopoly over exports and imports could only be maintained by naval power. From the eleventh century to the sixteenth, Venice became and remained a major naval power in the Mediterranean.
As in the latter case, the impact on the Carolingian economy was apparently a predictable inflation, indicated by the setting of price controls for grain and even for luxury items such as certain types of furs. The weight of the silver coins was also adjusted in line with the depreciation of silver relative to gold. Bolin’s bold and arresting hypothesis of the transmission of Islamic silver to the Carolingian Empire through the medium of the Vikings was sceptically examined by the distinguished numismatist Karl Morrison (1963).
Europe and Globalization by Henryk Kierzkowski
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