Economists and some economic historians dismiss the populationist hypothesis about responsibility of population growth for the European “Price Revolution”. They attribute the inflation instead to inflow of silver following discovery of the Americas. Based on English evidence in 1500–1700, we show that this dismissal of the populationist position flies in the face of the evidence. Further, whatever the weaknesses of past defenses of the populationist stand, it can be easily framed on a sound economic basis. We also examine critically the monetarist explanation of the Price Revolution. Both theses are jointly important and compatible.

中文翻译：

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1500-1700 年欧洲通货膨胀的争议：贵金属还是人口？英国的证据

经济学家和一些经济历史学家驳斥了关于人口增长对欧洲“价格革命”负责的人口主义假设。他们将通货膨胀归因于发现美洲后白银的流入。根据 1500 年至 1700 年英国的证据，我们表明这种对人口主义立场的驳斥与证据背道而驰。此外，无论过去对人口主义的辩护有何弱点，它都可以很容易地建立在健全的经济基础上。我们还批判性地审视了货币主义对价格革命的解释。这两点都是共同重要且兼容的。