Notable Quote

"A thing is worth as much as it can be sold for without fraud or coercion. The value of goods is not determined by their intrinsic nature, but by the estimation which men commonly put upon them — and this estimation varies with time, place, and circumstance."

Molina, Luis de event 1593

From De Iustitia et Iure (On Justice and Law)

Context: On subjective value as the basis of just price. De Iustitia et Iure (1593), Disputation 347. Molina's formulation anticipates Carl Menger's theory of subjective value by nearly 300 years.