Western economies in the late 1500s. Pick one of those explanations, summarize it briefly and explain the intuition behind it. b. The article mentions that Henry VIII used ``debasement'' to finance extra government expenditure on wars and palaces. In the OLG model covered in class, we learned about the economic consequences of raising revenue through printing fiat money. Explain and compare these two ways of raising government revenue and their impact on prices and inflation. c. The article briefly mentions that "In England in 1500 the price of a standard basket of goods facing consumers [...] was no higher than it had been in 1275", that is, prices had been constant for at least 225 years. In our OLG model of money from class, what are potential explanations for why this might have been the case? How plausible do you think they are