history Early Economics
Pre-classical economic thought
format_quote Quotes
"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."
menu_book Comentario Resolutorio de Cambios (Commentary on Exchange)
View Full Quote"We see by experience that in France, where money is scarcer than in Spain, bread, wine, cloth, and labour are worth much less. And even in Spain, before the discovery of the Indies, goods and labour were much cheaper than they are today, for the reason that there was then much less money."
menu_book Comentario Resolutorio de Cambios (Commentary on Exchange)
View Full Quote"A sum of money today is worth more than the same sum to be received in the future. This is not only the common estimation of men, but is grounded in reason: present goods are available for present needs; future goods must be awaited, and in the meantime their possession is uncertain."
menu_book Comentario Resolutorio de Cambios (Commentary on Exchange)
View Full 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."
menu_book De Iustitia et Iure (On Justice and Law)
View Full Quote"The just price of things is not determined by the nature or quality of things in themselves, but by the common estimation of men — that is, by what buyers and sellers commonly agree to give and receive in exchange."
menu_book De Iustitia et Iure (On Justice and Law)
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Comentario Resolutorio de Cambios (Commentary on Exchange)
Martín de Azpilcueta's 1556 treatise on monetary exchange, containing the earliest clear statement of what would become the quantity theory of mone...
Read MoreDe Indis (On the Indians)
Francisco de Vitoria's landmark 1532 lecture at the University of Salamanca, laying the groundwork for international law and natural rights theory....
Read MoreDe Iustitia et Iure (On Justice and Law)
Luis de Molina's six-volume masterwork on justice and law, completed in 1593. Molina's most enduring economic contribution is his clear formulation...
Read MoreDe Iustitia et Iure (On Justice and Law)
Domingo de Soto's systematic treatment of justice and law, published in 1553. Soto develops a rigorous natural law analysis of property rights, the...
Read MoreAn Essay on the Nature of Trade in General
Pioneering work in economic theory written around 1730, covering entrepreneurship, market pricing, monetary economics, and the circular flow, consi...
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