diamond Value
Economic value and subjective valuation
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"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"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 QuoteView Full Quote"By property I mean the right that a worker has to the value he has created by his labor."
"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 real price of everything, what everything really costs to the man who wants to acquire it, is the toil and trouble of acquiring it."
menu_book An Inquiry into the Nature and Causes of the Wealth of Nations
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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 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...
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