The article examines how inflation in prices and wages during the Price Revolution era affected industrial entrepreneurs in Spain, the Southern Netherlands, and England from around 1520 to 1650. It challenges the idea that rising prices led to higher profits for industrialists, which fueled the birth of modern industrial capitalism. The study shows that Spain did not experience significant profit inflation, while England did. Contrary to previous theories, new data suggests that changes in furnace technologies and energy sources did not occur until after the 1640s, impacting the scale and capital intensity of industries.