The article looks at how inflation in prices and wages affected profits in Spain, the Southern Netherlands, and England from 1520 to 1650. It challenges the idea that rising prices led to higher profits for industrialists. New data suggests that changes in furnace technology and energy sources did not happen until after the 1640s, contradicting previous theories. The study uses updated price and wage indices to reevaluate the relationship between prices, wages, and profits during the Price Revolution era.