Abstract
This study endeavors to investigate the theory of the value of money from the vantage point of late scholastic scholars, with a specific focus on the Salamanca School and the two prevailing monetary doctrines: Objectivism (Metallism) and Subjectivism (Chartalism). Our investigation employs the classical works of late scholastic thinkers from the 15th to the 17th centuries to illuminate the perspectives held by the Salamanca School concerning monetary value. The findings affirm that the twofold theory of money value proposed by late scholastic thinkers constitutes a nuanced iteration of the multidimensional approach to money. This comprehensive framework encompasses various facets of value, such as the final, actual, formal, and material dimensions. Moreover, the conspicuous emphasis placed by late scholastic thinkers on the subjective aspects of money value imparts a multifaceted character to their theory, demonstrating striking parallels with modern subjective doctrine.
Acknowledgment
The authors wish to express their gratitude to Professor Pierre Garello, the editor, and two anonymous reviewers for their constructive and useful comments and feedback, which greatly enhanced the manuscript.
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Articles in the same Issue
- Frontmatter
- Articles
- Legitimate Tax Structures: Lessons from the Past
- The Poverty of Radical Ecological Economics: A Critique of Clive Spash from the Viewpoint of the Austrian School
- The Poverty of Radical Ecological Economics: A Supportive Comment
- Clarifying the Analysis of Deadweight Loss from Taxation
- The School of Salamanca on Value of Money: A Reassessment
Articles in the same Issue
- Frontmatter
- Articles
- Legitimate Tax Structures: Lessons from the Past
- The Poverty of Radical Ecological Economics: A Critique of Clive Spash from the Viewpoint of the Austrian School
- The Poverty of Radical Ecological Economics: A Supportive Comment
- Clarifying the Analysis of Deadweight Loss from Taxation
- The School of Salamanca on Value of Money: A Reassessment