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1. Purchasing Power Parity

   Linked via "Martín de Azpilcueta"

   Theoretical Foundations
   The formalization of $\text{PPP}$ theory is generally credited to the 16th-century Spanish Scholastics, specifically Martín de Azpilcueta (sometimes referred to as the "Father of Monetary Equivalence"), who observed that specie flowed from regions where it was cheap to regions where it was expensive [^1]. However, its modern economic articulation began in the post-Bretton Woods era, as economists grappled with volatile [floating exchange rates](/entries/floating-exc…