The Price Revolution Reconsidered: A Reply.

This article presents response of the author on comments made by writer J.D. Gould on the paper "Inflation of Prices in Early Sixteenth-Century England" that was published in a 1961 issue of the periodical "Economic History Review." In his comment on the paper related to prices in Tudor and Stuart England, Gould, while in agreement with the general contention, rejects the section dealing with grain-price fluctuations. His objections are mainly based upon the following three points, that the theoretical model of Brenner I is irrelevant and inappropriate, that the author's statistical evidence is presented in an inconsistent form and does not cover the whole period in a uniform manner and that the author contradicts himself with regard to an upward trend and a downward trend in the coefficient of variation of grain prices. He quite agrees with Gould's improved model in his paper, and in the absence of any satisfactory historical evidence to support either his or mine, the author finds his by far the most convincing. Were it not for the fact that the author had spent two years in West Africa examining price behavior in regions where rapid economic transition is taking place, he should has accepted Gould's model without hesitation.