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First published in 1971, The Economics of Feudalism is an attempt to use the mathematical theory of economic analysis to analyse a historical society. It also elaborates economic theory to include demographic and political conditions. A specific analysis is made of empire and feudal economies and there are some speculations about their inter-relationships. The foundation and asymptotic properties of the feudal economy are subjected to rough empirical tests from Europe, A.D. 1000-1500. The author has four main theses. With a static agricultural sector and capital accumulation in the towns, urban population also falls. Also, the feudal method of organization is a relatively efficient instrument of exploitation for the political dominant class of landlords. Consequently, the terms of trade turn against the towns and in favour of the countryside. Further, where urban wages fall more rapidly than rural wages until they are equal, the feudal system is no longer essential to landowners. This book will be of interest to students of history, economics and agriculture.