dunnettreader + medieval + population   2

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
N. J. Mayhew: Prices in England, 1170–1750 | P & P April 2013
N. J. Mayhew, Ashmolean Museum, Oxford...
Understanding the movement of prices must be one of the most fundamental of the economic historian’s tasks, but it remains one of the most difficult. This article seeks to understand the movement of English prices over the whole period 1170 to 1750, which saw two great episodes of inflation, each followed by long decades of price stability. It is argued that monetary factors exercised the most important influence on the general price level, though of course the size of the economy was determined above all by demographic changes. This article also argues that medieval and early modern prices behaved in similar ways, which have much in common with the behaviour of prices today. ?..
Downloaded pdf to Note
British_history  economic_history  Medieval  14thC  15thC  16thC  17thC  18thC  economic_growth  inflation  prices  population  social_history  downloaded  EF-add 
august 2013 by dunnettreader

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