Wages, prices and living standards in Spanish America: evidence from Lima

Luis Felipe Zegarra ()
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Luis Felipe Zegarra: Pontificia Universidad Catolica del Peru

Cliometrica, 2024, vol. 18, issue 3, No 5, 837-867

Abstract: Abstract By relying on information on wages from primary sources, I estimate welfare ratios in Lima in 1757–1819. I use two alternative methods to estimate the subsistence basket and welfare ratios. The results indicate that working families in Lima faced severe difficulties to cover their basic needs if they did not deviate from typical consumption habits. However, they could cover their nutritional and other basic needs if they replaced expensive foods, such as meats and bread, with cheaper sources of nutrients, such as maize flour. An international comparison shows that the welfare ratio in Lima was lower than the ratios in Northern Europe and North America. However, Lima compared well to several important European cities, such as Paris, Munich and Toledo.

Keywords: Living costs; Prices; Wages; Peru (search for similar items in EconPapers)
JEL-codes: C61 I32 J31 N36 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s11698-023-00278-9

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