Tomás de Mercado

He was either born in Seville or possibly Mexico, where he joined the Dominicans as a young man, becoming lecturer in Arts in the Priory in Mexico City, before returning to study at Salamanca University, where he then became a lecturer in philosophy, moral theology and law.

Mercado became more widely known outside the Spanish-speaking world after he was discussed by Joseph Schumpeter in his History of Economic Analysis, published posthumously, ed.

[4] It was written for businessmen as well as scholars and contains many general digressions on social issues, often in very lively language.

[5] He devotes much thought to the concept of the fair or "just price", analysing it in terms of wheat, and strongly supporting the fixed price set by the government (tasa del trigo) on social and ethical grounds, even if it meant producers selling at a loss.

[6] He considered thus that the prices control politic of the Spanish authorities were a divine obligation made to the prince, in charge of tranquillity and peace of the kingdom.