IN CONTEXT
The macroeconomy
Jean Bodin (1530–96)
1492 Christopher Columbus arrives in the Americas. Silver and gold flow into Spain.
1752 David Hume states that the money supply has a direct relationship to the price level.
1911 Irving Fisher develops a mathematical formula to explain the quantity theory of money.
1936 John Maynard Keynes says that the velocity of money in circulation is unstable.
1956 Milton Friedman argues that a change in the amount of money in the economy can have a predictable effect on people’s incomes.
In 16th-century Europe prices were rising inexplicably. Some said that rulers were using an old practice ...
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