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The Economics Book by

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RG

IN CONTEXT

FOCUS

The macroeconomy

KEY THINKER

Jean Bodin (1530–96)

BEFORE

1492 Christopher Columbus arrives in the Americas. Silver and gold flow into Spain.

AFTER

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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