The De Moneta of Nicholas Oresme and English Mint Documents

In De Moneta, Nicole Oresme presents a full-fledged ethics of money, showing the sheer immorality of monetary monopoly at the hands of the state and the social effects of debasement. That may sound thoroughly modern, but Oresme lived and wrote seven centuries ago.

Arguably the most brilliant scientist of the 14th century, Oresme was also a mathematician, musicologist, physicist, philosopher, economist, and theologian. His day job was as a bishop and a counselor to the French king.

Oresme's economic thought in particular is full of important pre-Austrian insights. In this work he anticipates Gresham's law, argues that money is not the possession of the state, and makes a detailed case that money belongs primarily to the community and individuals.

The Austrian School is greatly indebted to Nicole Oresme. And when you read De Moneta for yourself, you'll see why.