Luis de Molina, Jesuit economist

Molina, Luis de

Jesuit theologian and one of the most systematic economic thinkers of the School of Salamanca. In De Iustitia et Iure (1593), Molina articulated a clear theory of subjective value — that prices are determined not by intrinsic worth or cost of production but by common human estimation in the marketplace — anticipating the marginal revolution by three centuries.