In the 16th century, Martin de Azpilcueta theorized that the inflation in Europe at the time was caused by Speculation on the Dutch tulip market.
If your wondering who Martin de azpilcueta is then read the below.
Martín de Azpilcueta, or Doctor Navarrus, was an important Spanish canonist and theologian in his time, and an early economist, the first to develop monetarist theory
