Replication dataset and codes - Hersh and Voth "Sweet Diversity: Colonial Goods and the Welfare Gains from Global Trade after 1492"

Principal Investigator(s): View help for Principal Investigator(s) Hans-Joachim Voth, University of Zurich; Jonathan Hersh, U Chapman

Version: View help for Version V1

Name	File Type	Size	Last Modified
code			06/27/2022 05:29:AM
data			06/27/2022 01:29:PM
notebook			06/27/2022 06:35:AM

Project Citation:

Voth, Hans-Joachim, and Hersh, Jonathan. Replication dataset and codes - Hersh and Voth “Sweet Diversity: Colonial Goods and the Welfare Gains from Global Trade after 1492.” Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2022-06-27. https://doi.org/10.3886/E172801V1

Project Description

Summary: The deposited data allows replication of the statistical analysis and figures in "Sweet Diversity: Colonial Goods and the Welfare Gains from Global Trade after 1492" (Hersh and Voth 2023). The question we investigate is simple: When did overseas trade start to matter for living standards? Traditional real-wage indices suggest that living standards in Europe stagnated before 1800. In this paper, we argue that welfare may have actually risen substantially, but surreptitiously, because of an influx of new goods. Colonial “luxuries” such as tea, coffee, and sugar became highly coveted. Together with more simple household staples such as potatoes and tomatoes, overseas goods transformed European diets after the discovery of America and the rounding of the Cape of Good Hope. They became household items in many countries by the end of the 18th century. We apply two standard methods to calculate broad orders of magnitude of the resulting welfare gains. While they cannot be pinned down precisely, gains from greater variety may well have been big enough to boost European real incomes by 10% or more (depending on the assumptions used)

Scope of Project

Subject Terms: new goods; trade; living standards; real incomes

Geographic Coverage: England

Time Period(s): 1492 – 1850

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Published Versions

V1 [2022-06-27]

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