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As stated by David Hackett Fischer in his book The Great Wave, the history of prices is a history of change. Prices have continuously increased over time; however, there is no rhyme, rate, or timing as to which prices have increased. Some periods have been more inflationary than others, and a few periods have experienced long term price equilibrium and even deflation. It is evident that most inflation over the past eight centuries has happened in four great waves of increasing prices. The first wave continued from the late twelfth century to the early fourteenth century, and it has been called the medieval price revolution. The second wave was the priced revolution of the sixteenth century which actually began in the fifteenth century and ended in the mid-seventeenth century. The third great price wave started around 1730 and reached its climax during the French Revolution and the Napoleonic Wars, and it is historically called the price revolution of the eighteenth century. The......

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Approximate Word Count: 3456
Approximate Pages: 14 (250 words per double-spaced page)

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