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A Reassessment of Scholastic Monetary Theory

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  • Niehans, Jürg

Abstract

During the sixteenth century, successive waves of gold and silver reached Spain from America and then rolled across Europe to the North and East. Contemporaries made two observations. First, the inflow of bullion was associated with inflation. Second, a given amount of money in a country with relatively low prices tended to exchange for a larger amount of money in a country with relatively high prices. The scholastic doctors in Salamanca who interpreted these observations are traditionally credited with two modern insights, namely the quantity theory of money, and the principle of purchasing-power parity.

Suggested Citation

  • Niehans, Jürg, 1993. "A Reassessment of Scholastic Monetary Theory," Journal of the History of Economic Thought, Cambridge University Press, vol. 15(2), pages 229-248, October.
  • Handle: RePEc:cup:jhisec:v:15:y:1993:i:02:p:229-248_00
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    Cited by:

    1. Mohammadhosein Bahmanpour-Khalesi & Mohammadjavad Sharifzadeh, 2023. "Public Finance or Public Choice? The Scholastic Political Economy As an Essentialist Synthesis," Papers 2306.11049, arXiv.org.
    2. Mohammadhosein Bahmanpour-Khalesi & Mohammadjavad Sharifzadeh, 2024. "Public Finance or Public Choice? Scholastic Political Economy as an Essentialist Synthesis," Post-Print hal-04614845, HAL.

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