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Forerunner of the Theories of the Free Market Economy

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  • Ivan Verbanov

Abstract

The present paper is devoted to the economic ideas of the late Scholastics Spanish theologians of 15th and 16th century – especially Salamanca school. It has two tasks. First, to analyze reflections on economic ideas of Spanish Scholastics in the history of economics thought. It is clamed that the beginning of economics as a science should be referred to the late Mediaeval Scholastics. Second task is to explicate the significance of (philosophical, theological, ethical and economic views of) Salamanca School for modern economic personalism and Austrian school of economics. The common characteristic of these schools, notwithstanding of their historical, theoretical, methodological, and other differences, is that they are variants of the same idea - the idea of economic freedom.

Suggested Citation

  • Ivan Verbanov, 2003. "Forerunner of the Theories of the Free Market Economy," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 72-88.
    • Handle: RePEc:bas:econst:y:2003:i:2:p:72-88
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    References listed on IDEAS

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    1. Murray N. Rothbard, 1995. "Economic Thought Before Adam Smith," Books, Edward Elgar Publishing, number 377.
    2. Raymond de Roover, 1955. "Scholastic Economics: Survival and Lasting Influence from the Sixteenth Century to Adam Smith," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 69(2), pages 161-190.
    3. Marjorie Grice-Hutchinson, 1993. "Economic Thought In Spain," Books, Edward Elgar Publishing, number 191 edited by Laurence S. Moss & Christopher K. Ryan.
    4. Huerta de Soto, Jesus, 1996. "New Light on the Prehistory of the Theory of Banking and the School of Salamanca," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 9(2), pages 59-81.
    5. Bernard W. Dempsey, 1935. "The Historical Emergence of Quantity Theory," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 50(1), pages 174-184.
    6. Langholm,Odd, 1998. "The Legacy of Scholasticism in Economic Thought," Cambridge Books, Cambridge University Press, number 9780521621595, January.
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    More about this item

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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