What were the economic consequences of the Black Death?

In an odd
way, the Black Death was actually beneficial to the economy of Europe.  Of course, it only
benefitted those people who were still living.

The Black Death led to a
situation where labor was at a premium.  Because so many people had died, workers were in short
supply.  This made the workers' wages go up.  At the same time, there was something of an
oversupply of goods because of a drop in demand as people died.  As demand dropped, so did
prices.  This led to a situation in which people had more money and things cost less as well. 
This meant that people could buy more and their standard of living went up.

In the short term, then, the main economic impact of the Black Death was an increase in
the standards of living for many of those left alive.