Prices and Economic Change in Medieval Sweden

Abstract

The article explores relative price changes in medieval Sweden, with a focus on grain, beer, salt, oxen, butter, wax and iron. Supplementary data are provided on copper and hops. Most of these goods declined substantially in price relative to grain. The magnitude of the relative price shifts reflects technological and organisational change. Price cuts tended to be larger for goods that possessed a high knowledge content, such as iron, copper, and beer, or were involved in a more efficiently organised international trade, such as salt. This parallels the notion that north-western Europe, at least from the sixteenth century, developed a distinctive pattern of relative prices, with low prices of industrial goods and high prices of food. It is striking that Sweden, a peripheral economy of medieval Europe, exhibits these traits even before the sixteenth century. The great expansion of the European economy of the early modern period appears as a continuation of the innovations of the late medieval era.