A Companion to the History of Economic Thought (Blackwell by John B. Davis, Warren J. Samuels, Jeff E. Biddle

By John B. Davis, Warren J. Samuels, Jeff E. Biddle

Assembling contributions from most sensible thinkers within the box, this significant other deals a entire and complicated exploration of the background of monetary concept. the amount has a threefold concentration: the background of monetary inspiration, the background of economics as a self-discipline, and the historiography of monetary thought.• offers refined introductions to an enormous array of topics.• specializes in a special variety of subject matters, together with the historical past of monetary suggestion, the heritage of the self-discipline of economics, and the historiography of financial notion.

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The sophistication of late medieval thought regarding money deserves special attention. Sovereigns who controlled mints were aware of the short-term S. T. LOWRY 24 advantages of 10 percent and 20 percent debasements. Reminted issues could be spent before prices adjusted upward. Three significant phenomena further indicate the economic understanding of the time. First, discussions of “vellon” or “billon” that initially referred to debased copper money (black money) began to note the importance of small coins to foster beneficial exchange among the common people.

V of Aristotle’s Nicomachean Ethics, which discusses justice in exchange. Aristotle surveyed justice in distribution, correction, and exchange. He contended that the mathematics of proportion illustrated these relationships. Commentaries on the sketchy survivals of this exposition dominated Scholastic treatments of exchange when Aristotelianism was revived in European academic centers. Odd Langholm’s systematic analysis of the many Scholastic commentaries on book V demonstrated that the vagueness of the manuscript promoted a variety of criteria for just price, including labor value, subjective value, and scarcity theory (Langholm, 1979).

Stein has succinctly analyzed the Sabinian school of Roman law with its institutionalist orientation, and after his definitive compendium of Scholastic thought, Odd Langholm has abstracted the institutional aspects of Scholastic thought that carried on into modern economics (Langholm, 1992, 1998a; Stein, 1995). Further comment should be made on the spirit of trade and the alleged suppressive influence of the prohibition of usury. The respectability of the merchant was well established in the medieval Islamic world.

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