Late Middle Ages
Though there is no doubt that the demographic crisis of the 14th century caused a dramatic fall in production and commerce in absolute terms, there has been a vigorous historical debate over whether the decline was greater than the fall in population. While the older orthodoxy held that the artistic output of the Renaissance was a result of greater opulence, more recent studies have suggested that there might have been a so-called 'depression of the Renaissance'. In spite of convincing arguments for the case, the statistical evidence is simply too incomplete for a definite conclusion to be made.

Q: What is the alternative to the theory that the Renaissance was a time of great opulence?
depression of the Renaissance