The Development of the Concepts of Value and Price in Medieval Europe. Second Part: The Conceptual Totals (2011)

The article presents a conceptual analysis of edieval views on value and price – from the formation of feudal communities to their decay. The central place is given to the Thomas Aquinas’ doctrine that had exerted the crucial influence on the emergence of systematical economic thought in West Europe. A special attention is paid to the metamorphoses of the idea of labor value. Born in Aristotle, it ran through all Middle Ages and got its classical shape in Thomas. The author reveals the essence of this idea, which entered, in a form, into most posterior economic theories (of A. Smith, D. Ricardo, K. Marx, etc.) and, on becoming the core of socialist ideal, inspired many generations of European revolutionaries.

Economy and Entrepreneurship. 2011. Vol. 5. N 2. P. 79 – 88.

Keywords: value, price, exchange, labor, medieval Europe.