INFLATION: LESSONS FROM AL-MAQRĪZĪ

Abstract

Inflation is not specific to the modern economy. It is argued that low and stable rates of inflation are beneficial in promoting economic growth. It is also attributed to the growing disparity between the economic classes. The 14th–15th Century CE Egyptian historian, Al-Maqrīzī, discussed the causes that worsened the famine and economic crisis of 805–808/1403–1406 of Mamlūk Egypt. He described the population of Egypt during the crisis and emphasised that which had been hit worst. Significantly, he suggested a more stable monetary system to avoid similar situations in the future.