Abstract

Fr. Tomás de Mercado, O.P., and Fr. Bartolomé Frías de Albornoz, Spanish economists of the era of Philip II (later half of 16th century) proposed monetary theories, they were the real pioneers in what has become some of the most outstanding modern monetary theories. Mercado suggested some ideas on "welfare economy". Frías put forward the "quantity ecuation", formulated by the "classical economists", two centuries later.