Focusing on the same period as Chapter 2, Chapter 3 treats economic history. It engages with recent historiographical debates regarding the late medieval economy, especially as those debates pertain to Catalonia. This chapter argues for a keenly felt decline, perceived by contemporaries and corroborated by the best available quantitative evidence, in the dominant sector of Perpignan’s economy, namely, cloth manufacturing. This chapter also argues for a surprising similarity in the Nou regiment’s and the Nova forma’s economic policies. Notwithstanding their different social profiles, both regimes sought to revive production and prosperity through traditional protectionism and anti-fraud regulation. This chapter argues that the surprising similarities in the regimes’ economic policies, and their inability to match the inventiveness displayed in matters of municipal government, reflect the power of cultural assumptions so deeply rooted that the desire for newness could not prevail against them: that production and prosperity were functions of honour; and that the greatest source of dishonour was fraud, which the town aspired to stamp out.