The 1520-1640 “Great Inflation”: An Early Case of Controversy on the Nature of Money

Philip Arestis and Peter Howells

Journal of Post Keynesian Economics, 2001, vol. 24, issue 2, 181-203

Abstract: The causes of the “great inflation” of the sixteenth century have long been the subject of controversy. Since some major work in the 1930s, historians have argued over a “monetary” and a “real” interpretation. What we show in this paper is, first, that there was a dissenting opinion even then; second, that recent scholarship shows that the dissenters’ view of events was probably the more accurate as to fact; third, that the monetary interpretation of the day drew intellectual support from aflawed source; andfinally, that the dissenters were mounting the earliest argument for the endogenous origins of money.

Date: 2001
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DOI: 10.1080/01603477.2001.11490322

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