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The Controversy over European Inflation in 1500–1700: Precious Metals or Population? The English Evidence

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  • Anthony Edo

    (CEPII)

  • Jacques Melitz

    (CEPII
    CREST)

Abstract

Economists and some economic historians dismiss the populationist hypothesis about responsibility of population growth for the European “Price Revolution”. They attribute the inflation instead to inflow of silver following discovery of the Americas. Based on English evidence in 1500–1700, we show that this dismissal of the populationist position flies in the face of the evidence. Further, whatever the weaknesses of past defenses of the populationist stand, it can be easily framed on a sound economic basis. We also examine critically the monetarist explanation of the Price Revolution. Both theses are jointly important and compatible.

Suggested Citation

  • Anthony Edo & Jacques Melitz, 2024. "The Controversy over European Inflation in 1500–1700: Precious Metals or Population? The English Evidence," Open Economies Review, Springer, vol. 35(3), pages 659-685, July.
    • Handle: RePEc:kap:openec:v:35:y:2024:i:3:d:10.1007_s11079-023-09743-4
    DOI: 10.1007/s11079-023-09743-4
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    References listed on IDEAS

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    1. Yoon, Jong-Won & Kim, Jinill & Lee, Jungjin, 2018. "Impact of Demographic Changes on Inflation and the Macroeconomy," KDI Journal of Economic Policy, Korea Development Institute (KDI), vol. 40(1), pages 1-30.
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    Keywords

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    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • F00 - International Economics - - General - - - General
    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N33 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: Pre-1913

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