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Basic food and drink price distributions transcend time and culture

Economics

Basic food and drink price distributions transcend time and culture

R. Sinclair and J. Diamond

This fascinating study by Robert Sinclair and Jess Diamond reveals the astonishing consistency of relative price distributions for essential food and drink items across various cultures and epochs, from ancient Egypt to contemporary Chile. Discover the universal traits of food markets that remain stable despite historical upheavals and economic changes.

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~3 min • Beginner • English
Abstract
In this empirical study, we show that the shape of the distribution of relative prices of basic food and drink items has been extraordinarily robust, from ancient Egypt to modern Chile, whether there be peace and economic stability, war, revolution, depression or hyperinflation. The width of the distribution of log prices does not deviate significantly from a specific value, which would appear to be universal. This property of relative prices has not changed over the past three thousand years, wherever there have been food markets, despite great differences in culture, institutions, and the particular food and drink items consumed.
Publisher
Humanities & Social Sciences Communications
Published On
May 13, 2022
Authors
Robert Sinclair, Jess Diamond
DOI
https://doi.org/10.1057/s41599-022-01177-6
Tags
relative prices
food markets
cultural consistency
economic fluctuations
log-price distribution
historical trends
empirical study

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