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N. J. Mayhew: Money, prices, and growth in pre-industrial England | OUPblog August 2013
Blog post summarizes key findings in his P&P 2013 article downloaded to Note. Links to other recent economic history papers by other scholars. Summary: in the period 1250 to 1750 population levels and GDP were always closely associated, and estimates of the size of the money stock have little importance without an understanding of the size of the economy that the money stock has to service. In this sense, population levels find a place within the Quantity Theory, but the demographic role influences not only demand but also supply. If this is accepted, the long-standing and increasingly sterile battle between monetary and demographic explanations for the behaviour of prices can be drawn to a close. Money clearly influences the price level, as does velocity, but the size of the economy remains an essential element in the equation. Economic growth emerges as a fundamental influence on population and on price levels.The reassertion of Quantity Theory should not be seen as a victory for the Chicago school since Keynesian observations about the role of velocity (or its inverse, demand for money to hold) and the effect of time lags remain important qualifications. Still more importantly, much depends on the quality of our estimates of GDP, prices, and the money stock.
British_history  economic_history  Medieval  14thC  15thC  16thC  17thC  18thC  population  economic_growth  inflation  commerce  social_history  links  EF-add 
august 2013 by dunnettreader

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