16世紀「価格革命」論の検証 The Sixteenth-century 'Price Revolution' Reconsidered
That prices rose significantly in sixteenth-century Europe is widely known as the 'Price Revolution' which seems to have been popularized by the writings of J.M. Keynes. The concept was put forth by Wiebe and Hamilton who documented the enormous volume of precious metals flowing into Europe from Spanish colonies in the New World. The Wiebe and Hamilton thesis is a simple application of the Quantity Theory of Money which explains the higher price level only in terms of the larger money supply. However, a substantial body of literature exists which focuses on non-monetary, i.e. real, factors contributing to price rises in sixteenth-century Europe.
經濟學論究 58(3), 207-225, 2004-12-31