Economics 101 predicts what will happen in these circumstances. New money chases after the same old goods and services. Prices rise in a classic inflationary spiral. In what historians call a “price revolution,” the cost of living more than doubled across Europe in the last half of the sixteenth century, tripling in some places, and then rose some more. Because wages did not keep pace, the poor were immiserated; they could not afford their daily bread. Uprisings of the starving exploded across the continent, seemingly in every corner and all at once. (Researchers have called it the “general
...more
