Treasure and Prices in Spain 1505-1650
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Description: Provide statistics to test the idea that the price level is related to the inflow of treasure into the Spanish economy.
Treasure and Prices in Spain 1505-1650 Treasure and Prices in Spain 1505-1650 In the sixteenth century gold and silver poured into Spain from Mexico, Peru and the rest of the Spanish Empire. Prices rose. The observation of a probable connection between the inflow of treasure and the rise in prices was one of the first formulations of an economic theory, in this case The Crude Quantity Theory of Money. The statistics available allow one to test the idea that the price level is related to the amount of money in circulation. Only part of the data is available so there cannot be a definitive test of this theory. There are statistics on the import of treasure into Spain but not for the export of gold and silver. Also the extent of hoarding and the diversion of gold and silver into jewelery and decoration is unknown. The amount of money other than gold and silver is not known either. Nevertheless the statistics that are available allow a crude test of the crude quantity theory of money.
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| Page title: | Treasure and Prices in Spain 1505-1650 |
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| IP-address: | 130.65.10.101 |
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| NS | Name Servers: NS1.SJSU.EDU 130.65.25.1 NS2.SJSU.EDU 130.65.120.1 |
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| Date | activated: 20-Dec-1993 last updated: 30-May-2013 expires: 31-Jul-2014 |