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Notable Quote

"In countries where money is plentiful, all other things being equal, a greater quantity of money is given for goods and services than where money is scarce. Whence it follows that money itself, like any other commodity, is worth more where it is scarce than where it is abundant."

— Azpilcueta, Martín de event 1556

From Comentario Resolutorio de Cambios (Commentary on Exchange)

Context: The earliest clear formulation of the quantity theory of money. Comentario Resolutorio de Cambios (1556), Chapter 17. Azpilcueta was the first to observe systematically that the value of money falls as its supply increases — the key insight later developed by Hume, Fisher, and the monetarist school.

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