Tag: westerosi economy

Piggybacking of the recent ask on coins, do we have examples of periods of inflation or, bettered yet, hyperinflation in westeros’s history? If we don’t why do you think that is? Thanks

Follow up to inflation question on further thinking: it seems especially strange if there are no periods of crisis level inflation on a third century Rome level given the rudimentary knowledge, lack of financial governing (esp. between kingdoms pre-conquest) and the need to outbid rivals for swords given the very regular inter- and intra-kingdom violence. I admit to being no financial expert but that seems like a nice mixture for devaluation and inflation. Thanks.

As people have pointed out, GRRM is not super-consistent on this stuff. For example, in a time of plenty, Dunk sells his horse for 2.3 dragons; in the midst of bloody civil war, with people increasingly unwilling to take coin (which you can’t eat) for horses (which you can), Brienne buys two horses for 1.5 dragons each. 

On the other hand, at times, GRRM is better at depicting the impact of the War of Five Kings on prices. For example, when Tyrion arrives in King’s Landing just as the Tyrells have cut off the city from the south (a major supply shock) and the city has become swollen with refugees (a major increase in demand), we see hyper-inflation in action:

“The markets were crowded with ragged men selling their household goods for any price they could get … and conspicuously empty of farmers selling food. What little produce he did see was three times as costly as it had been a year ago. One peddler was hawking rats roasted on a skewer. “Fresh rats,” he cried loudly, “fresh rats.” Doubtless fresh rats were to be preferred to old stale rotten rats. The frightening thing was, the rats looked more appetizing than most of what the butchers were selling. On the Street of Flour, Tyrion saw guards at every other shop door. When times grew lean, even bakers found sellswords cheaper than bread, he reflected.”(Tyrion I, ACOK)

“Muddy Way was crowded, but soldiers and townfolk alike made way for the Imp and his escort. Hollow-eyed children swarmed underfoot, some looking up in silent appeal whilst others begged noisily. Tyrion pulled a big fistful of coppers from his purse and tossed them in the air, and the children went running for them, shoving and shouting. The lucky ones might be able to buy a heel of stale bread tonight. He had never seen markets so crowded, and for all the food the Tyrells were bringing in, prices remained shockingly high. Six coppers for a melon, a silver stag for a bushel of corn, a dragon for a side of beef or six skinny piglets. Yet there seemed no lack of buyers. Gaunt men and haggard women crowded around every wagon and stall, while others even more ragged looked on sullenly from the mouths of alleys.“ (Tyrion IV, ASOS)

So there you go. 

In terms of devaluation, you have the example of the Gardener coins that Olenna uses to cheat merchants with, which are small and thin compared to post-Conquest dragons. 

I think for a north putting together an economic development plan, a western fleet like you proposed is crucial. On the other hand, a fleet just sitting around doing nothing during peace loses money and there’s not much trade opportunities for a northern merchant fleet since westerner and reacher merchants are better positioned. So, trying to circumnavigate the planet is a must for any northern economic development plan in my opinion. It’s either the riches of the east or an unspoiled continent.

I don’t agree that “there’s not much trade opportunities for a northern merchant fleet.” If there’s enough trade opportunities for the hardscrabble Iron Islands to have an active port town doing business from southern Westeros and Essos both:

“The Myraham was a fat-bellied southron merchanter up from Oldtown, carrying wine and cloth and seed to trade for iron ore…A handful of Lordsport merchants had gathered to meet the ship. They shouted questions as the Myraham was tying up. “We’re out of Oldtown,” the captain called down, “bearing apples and oranges, wines from the Arbor, feathers from the Summer Isles. I have pepper, woven leathers, a bolt of Myrish lace, mirrors for milady, a pair of Oldtown woodharps sweet as any you ever heard…”

“…Theon was more interested in ships than gods. Among the masts of countless fishing boats, he spied a Tyroshi trading galley off-loading beside a lumbering Ibbenese cog with her black-tarred hull.”

“…She had surrendered her virtue at six-and-ten, to a beautiful blond-haired sailor on a trading galley up from Lys.” 

then there’s no reason that the vast agricultural markets of the North just on the other side of the Flint Cliffs from Ironman’s Bay, wouldn’t find buyers from among the ships that sail the northern stretches of the Sunset Sea.

By contrast, trying to sail west across the Sunset Sea has historically been a fool’s venture:

“Strange tales like this are common at the edges of the world, however, and the Lonely Light stands farthest west of all the lands known to us. Many a bold mariner has sailed beyond the light of its beacon over the centuries, seeking the fabled paradise said to lie over the horizon, but the sailors who return (many do not) speak only of boundless grey oceans stretching on and on forever.”