a column by Anthony Edo and Jacques Melitz for VOX: CEPR’s Policy Portal
Economists mostly argue that the Great Inflation in renaissance Europe was caused by an inflow of silver.
Historians counter that it was caused by population growth.
The column uses long-run economic data to argue that the historians' position is credible for England's economy. On this evidence, both contributed equally to inflation during this period.
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After reading this I am now a firm believer in the demographic changes causing the Great Inflation and little, if anything, due to the influx of precious metals.
I did not study history even as far as O-Level but did touch on economics doing an A-Level in maths with statistics. I’ve done an about turn!
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