The Origins of Austrian Economics in the Treaties of the Theologians of Salamanca

Anton Afanasiev ()
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Anton Afanasiev: Central Economic and Mathematics Institute of Russian Academy of Sciences

A chapter in The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto, Volume I, 2023, pp 15-21 from Springer

Abstract: Abstract Our short study is devoted to some important origins of Austrian economics in the treatises of Salamanca theologians (sixteenth to seventeenth centuries). According to Professor Huerta de Soto, the professors of Salamanca discovered the following basic doctrines. First, the idea of the impossibility of human cognition and strictly mathematical calculation of the fair price of a product (1617, 1642). Second, the dynamic concept of competition between buyers (1597). Third, the dynamic concept of between sellers (1597). We develop the investigation of Professor Jesús Huerta de Soto. According to our previous studies, we show that the first two doctrines were discovered earlier by Juan de Medina (1546). We also add the main contribution of the Portuguese friar Rodrigo do Porto: the origins of the Quantity Theory (1549) and the doctrine (together with famous Spanish doctor Martin de Azpilcueta Navarro) of the moral justification for selling basic necessities at prices higher than state prices (1552).

Keywords: School of Salamanca; Neo-Austrian school; Fair price; Buyers’ and sellers’ competition; State prices; Quantity theory of money (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-17414-8_2

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DOI: 10.1007/978-3-031-17414-8_2

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