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De Iustitia et Iure (On Justice and Law)

by Molina, Luis de

1593

Summary

Luis de Molina's six-volume masterwork on justice and law, completed in 1593. Molina's most enduring economic contribution is his clear formulation of subjective value theory: that the just price of any good is determined not by its nature, intrinsic worth, or cost of production, but by the common human estimation in a free market. This insight predates Carl Menger's marginal revolution by nearly three hundred years and makes Molina one of the most important precursors of the Austrian School.

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ISBN:

Topics

school School of Salamanca balance Natural Law diamond Subjective Value sell Price trending_up Free Market key Property Rights analytics Economics history Early Economics school Philosophy verified Ethics diamond Value

Quotes from this book

• Free Exchange Is the Foundation of Just Commerce
• The Merchant May Profit from Superior Knowledge
• Price Is Determined by Subjective Estimation, Not Intrinsic Worth