IDEAS home Printed from https://ideas.repec.org/a/bla/ecaffa/v44y2024i2p320-337.html
   My bibliography  Save this article

The scholastic perspective on the time value of money and the contribution of Martín de Azpilcueta (1491–1586)

Author

Listed:
  • Mohammadhosein Bahmanpour‐Khalesi
  • Mohammadjavad Sharifzadeh

Abstract

This study explores the historical background of the time value of money theory developed within the Austrian School, focusing on the contributions of its Scholastic antecedents. Although the Scholastics had a different starting point from the Austrians in analysing the nature of the time value of money, they ultimately reached a similar understanding. We present a new interpretation of Martín de Azpilcueta's theory, demonstrating that while he cannot be considered the sole originator of the time value of money theory, the role of Scholastic thinkers in its development should not be ignored.

Suggested Citation

  • Mohammadhosein Bahmanpour‐Khalesi & Mohammadjavad Sharifzadeh, 2024. "The scholastic perspective on the time value of money and the contribution of Martín de Azpilcueta (1491–1586)," Economic Affairs, Wiley Blackwell, vol. 44(2), pages 320-337, June.
    • Handle: RePEc:bla:ecaffa:v:44:y:2024:i:2:p:320-337
    DOI: 10.1111/ecaf.12651
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/ecaf.12651
    Download Restriction: no
    File URL: https://libkey.io/10.1111/ecaf.12651?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Adalid Ramón & Falagiarda Matteo, 2020. "How Repayments Manipulate Our Perceptions about Loan Dynamics after a Boom," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 240(6), pages 697-742, December.
    2. Barry Gordon, 1975. "Economic Analysis before Adam Smith," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-02116-1, February.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Skip Worden, 2009. "Aristotle’s Natural Wealth: The Role of Limitation in Thwarting Misordered Concupiscence," Journal of Business Ethics, Springer, vol. 84(2), pages 209-219, January.
    2. Palligkinis, Spyros, 2025. "Bank lending rates and the riskiness of euro area household loans," Working Paper Series 3053, European Central Bank.
    3. Islahi, Abdul Azim, 1991. "Market and pricing mechanism in pre-classical literature," MPRA Paper 22793, University Library of Munich, Germany, revised 1991.
    4. repec:pra:mprapa:58668 is not listed on IDEAS
    5. Jaelani, Aan, 2015. "Kontribusi Sarjana Muslim bagi Peradaban Eropa: Melacak Akar Sejarah dan Perkembangan Ekonomi [Muslim Scholars Contribution for European Civilization: The Roots of History and Economic Development ," MPRA Paper 69672, University Library of Munich, Germany, revised 10 Dec 2015.
    6. Michaelides, Panayotis G. & Kardasi, Ourania & Milios, John G., 2005. "Democritus and his Influence on Classical Political Economy," MPRA Paper 74454, University Library of Munich, Germany.
    7. Toon Van Houdt, 1998. "'Lack of money': a reappraisal of Lessius' contribution to the scholastic analysis of money-lending and interest-taking," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 5(1), pages 1-35.
    8. SOLDATOS Gerasimos T., 2014. "Modern Social Science Concepts, Proportionate Reciprocity, Modesty, and Democracy," European Journal of Interdisciplinary Studies, Bucharest Economic Academy, issue 01, March.
    9. Elias Tempelis, 1997. "Book Reviews," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 4(2), pages 331-332.
    10. Abdul Azim Islahi, 2008. "The Myth of Bryson and Economic Thought in Islam أسطورة بريسون والفكر الاقتصادي في الإسلام," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 21(1), pages 65-70, January.
    11. Salvary, Stanley C. W., 2007. "Accounting: A General Commentary on an Empirical Science," MPRA Paper 5005, University Library of Munich, Germany, revised 10 Sep 2007.
    12. Jung, Alexander, 2020. "An empirical analysis of loan supply and demand in the euro area," International Review of Economics & Finance, Elsevier, vol. 70(C), pages 187-201.
    13. Abdul Azim Islahi, 2014. "History of Islamic Economic Thought," Books, Edward Elgar Publishing, number 16105, March.
    14. Trifilio Sylvain, 2018. "The Economic Theory of the Scholastics as a Contractual Analysis," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 24(1), pages 1-6, June.
    15. Jonathan P. Thomas & Timothy Worrall, 2002. "Gift-giving, Quasi-credit and Reciprocity," Rationality and Society, , vol. 14(3), pages 308-352, August.
    16. José Luis Cendejas Bueno, 2021. "Justice and just price in Francisco de Vitoria's Commentary on Summa Theologica II-II q77," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 14(1-2), pages 1-32, November.
    17. Cosimo Perrotta, 2003. "The legacy of the past: ancient economic thought on wealth and development," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 10(2), pages 177-229.
    18. Lambert, Thomas, 2019. "Bankers as Immoral? The Parallels between Aquinas’s Views on Usury and Marxian Views of Banking and Credit," MPRA Paper 97741, University Library of Munich, Germany.
    19. Guillaume Bove & Stéphane Dees & Camille Thubin, 2020. "House Prices, Mortgage Debt Dynamics and Economic Fluctuations in France: A Semi-Structural Approach," Working papers 787, Banque de France.
    20. Fabio Monsalve, 2014. "Scholastic just price versus current market price: is it merely a matter of labelling?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 21(1), pages 4-20, February.
    21. Gang Wang, 2019. "The Effects of Quantitative Easing Announcements on the Mortgage Market: An Event Study Approach," IJFS, MDPI, vol. 7(1), pages 1-30, February.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:ecaffa:v:44:y:2024:i:2:p:320-337. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0265-0665 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.