histofthought1

From Middle Ages to Renaissance 89that the work of the soldier is nobler than that of the merchant and thereforedeserves a higher reward. This is a throwback not just to Langenstein but toancient Greek veneration of the martial as against the productive arts.In discussing money, Nider is firm in justifying the activities of moneychangers.There is no nonsense about usury here. Nider points out that theexchange of currency is a 'kind of selling and buying', and demonstrateseven more cogently that the value of money, like the value ofother commodities,also varies in the common estimation of the market. While, followingAquinas, the value of money usually changes less radically than the value ofa particular good, change it does nevertheless, merchants incurring legitimateprofits or losses from such variation.Nider writes trenchantly of 'the conversion, or exchange of money or ofother things, which is, as it were a kind of selling and buying of one currencyfor another, and presents, so to speak, the same moral problems as doescommerce in goods...'Far more significant than Nider was the great fifteenth century scholasticand fellow Swabian Gabriel Biel (1430-95), professor of theology at the newUniversity of Tiibingen, in Southwest Germany. Biel was a distinguishednominalist and Ockhamite - in fact, the German Ockhamites of the fifteenthcentury were known as Gabrielistae. And yet, recent research has discoveredthat Biel was essentially a Thomist in his belief in a rational and objectivenatural law ethic. Indeed, he echoed the belief of his fellow 'Ockhamite' ofthe previous century, Gregory of Rimini, in the highly rationalistic belief thatthe natural law was eternal and would exist even if God did not. Furthermore,man by his unaided reason can discern this natural law and reach the rightconclusions on his proper conduct.One of Biel's contributions was to deliver a crystal-clear statement of thescholastic insight that each party to an exchange engaged in the action formutual subjective benefit. Following Jean Buridan, his fellow nominalist ofthe previous century, Biel's analysis was cogent and concise: 'For the buyerwho desires a good would not buy, unless he hoped for greater satisfactionfrom the good than from the money he paid over; nor would the seller sell,unless he hoped for a profit from the price'. There had been no clearerdemonstration before Biel that every exchange involves an expected mutualbenefit by each party to that transaction, and that the satisfaction of the buyer,at least, is purely subjective, though the seller's may be translated into amonetary profit. There would be no real improvement upon Biel until theadvent of the Austrian School in the late nineteenth century.A follower of his fellow Ockhamites Jean Buridan and Nicole Oresme,Biel, in his Treatise on the Power and Utility of Moneys, repeated theirmetallist insights about the value of money and their attack on governmentaldebasement. Biel also insists, with Buridan, that a sound money must be