Economic Thought
The subject on which Biel held the most progressive views is political economy. Wilhelm Roscher, who with Gustav Schmoller introduced him to modern students of economics, declares that Biel's grasp of economics enabled him not only to understand the work of his predecessors, but to advance beyond them. (Cf. Geschichte der Nationalokonomik in Deutschland, 21 sqq.) According to Biel, the just price of a commodity is determined chiefly by human needs, by its scarcity, and by the difficulty of producing it.
Biel's enumeration includes all the factors that govern market price, and is more complete and reasonable than any made by his predecessors. (Cf. Garnier, L'idée du just prix, 77.) The same author maintains that concerning the occupation of the merchant or trader, Biel is more advanced than St. Thomas, since he attaches no stigma to it, but holds it to be good in itself, and the merchant entitled to remuneration because of his labour, risks, and expense. Biel's discussion of these subjects is contained in Book IV of his commentary on the Sentences. He wrote a special work on currency, Ein wahrhaft goldenes Buch, in which he stigmatizes the debasing of coinage by princes as dishonest exploitation of the people. In the same work he severely condemns those rulers who curtailed the popular rights of forest, meadow, and water, and who imposed arbitrary burdens of taxation, as well as the rich sportsmen who encroached upon the lands of the peasantry.
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