Correlation of historic climate with historic prices and wages
Keywords:excursions of annual prices, wages of labour, correlation
Excursions of average annual air temperature measured by mercury thermometers from 1650 to 1950 show a significant correlation with excursions of annual prices of wheat and a better correlation with wheat prices which have been normalized to the price of sterling to correct for inflation of money.
A similar correlation is found between measured air temperatures and the quantity, wages of labour divided by price of wheat, namely the amount of wheat which a labourer's daily wage could buy.
The price of wheat normalized in either of these ways correlates fairly well with what is known as historic climate excursions derived from all various climate indicators for the time span from 1250 A.D. to the present.
From the price of wheat normalized to the price of sterling, a temperature scale for the last 650 years has been devised for England.
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