The terrible epidemic that struck the Middle East, North Africa and Europe in 1347–1350, killed one-third of the population and had a traumatic effect on human civilization. Workers became exceedingly scarce and marked increases in prices for commodities ensued. Black Death had a tremendous personal impact on Ibn Khaldun's early theory of labour value as populations vanished in the middle of the 14^th century. His invaluable contribution to economic theories makes him the precursor as centuries later great economists such as Smith, Ricardo and Marx harked back upon his inductive empirical postulates, rather than on mere theoretical assumptions.