Editing Price revolution (section)

=== Quantity theory of money ===
{{main|Quantity theory of money}}
The first scholar to make a quantity-theory link between the influx of American "treasure" and the Price Revolution was [[Martín de Azpilcueta]] in 1556, although French philosopher [[Jean Bodin]] is more often credited, because of his 1568 response to a 1566 treatise by the Royal Councilor [[Jean de Malestroit]].<ref name= Hamilton>{{cite book|last=Hamilton |first=Earl J. |title=American Treasure and the Price Revolution in Spain, 1501-1650 |place=New York |publisher=Octagon |date=1965 }}</ref> Malestroit argued that lower-quality coins were the chief culprit of price influx—similar to the periodic inflations of the 14th and 15th centuries. Bodin dismissed this argument, contending that the growing influx of silver from the Spanish Americas was the primary cause of price inflation.<ref name=Hamilton/> Championed for the [[quantity theory of money]], Bodin was able to demonstrate that the inflation of prices in France was due far more to Spanish-American influx than to any change in coin debasement.<ref>{{cite book |last1=Greaves |first1=Percy L. |first2=Ludwig |last2=Mises |title=Mises Made Easier: A Glossary for Ludwig Von Mises' Human Action |place=Dobbs Ferry, N.Y. |publisher=Free Market |year=1974}}</ref>

Earl Hamilton, a contemporary price revolution theorist, found that no Spanish writer of the 16th century had voiced opinions similar to those of Jean Bodin despite having conducted meticulous research into Spanish treatises, letters, and other documents. This, however, was not true; less well known is an even earlier Spanish publication in a treatise from 1556 by the cleric [[Martín de Azpilcueta]] of the [[School of Salamanca|Salamanca School]], which made virtually the same claim about the role of Spanish-American silver in the rise of prices.<ref>{{cite book |last=Hutchinson |first=Marjorie |title=The School of Salamanca; Readings in Spanish Monetary Theory, 1544-1605 |place=Oxford |publisher=Clarendon |year=1952}}</ref>