The Importance of American Precious Metals in Europe's Economic Growth

Western European economies suddenly started to grow much faster than those in the rest of the world. This change is not usually attributed to all this gold and silver that comes into these economies at the time, even though David Hume seemed to think it was an influence. So American precious metals have rarely been attributed a causal role in Europe's early modern growth. But our research can contribute like some empirical evidence to this long-lasting conjecture.