What effect did the black plague of 1347 have on the economy in the Middle Ages?

Answer 1

This answer is based on economic trends of Western Europe. A simple answer First, while the Black Death affected all classes, the largest impact was on the lower classes and peasants. Given the labor intensiveness of agriculture, a significant loss of agricultural workers resulted in the need to offer higher wages in order to attract laborers. Second, the dramatic decrease of the population seems to have led to an increase in consumption. The quickness and randomness with which the Black Death struck seemed to have created a mentality of "enjoy life now before it's too late." Thus, there was a general economic expansion created by the higher wages (and therefore, higher purchasing power) as well as economic growth fueled by higher consumption and demand for goods. However, all these increases were inflationary. This had a kind of shock effect on the economy which led to controls on wages and prices. Also, the decreased population led to the lower aggregate collections of poll and other taxes. And there seems to have been an unexplained increase in warfare which increased the costs of "states." These increased costs led to increased taxation which in turn led to increased "peasant's revolts" against this increased taxation. The decades following the Black Death have the largest concentrations of revolts.

See

Herlihy, D, The Black Death and Transformations of the West

R.H. Hilton, Bond Men Made Free

Berce, Yves-Marie, History of Peasant Revolts.

Mollat, M, The popular revolutions of the late middle ages.