The scholastic perspective on the time value of money and the contribution of Martín de Azpilcueta (1491–1586)

This study explores the historical background of the time value of money theory developed within the Austrian School, focusing on the contributions of its Scholastic antecedents. Although the Scholastics had a different starting point from the Austrians in analysing the nature of the time value of money, they ultimately reached a similar understanding. We present a new interpretation of Martín de Azpilcueta's theory, demonstrating that while he cannot be considered the sole originator of the time value of money theory, the role of Scholastic thinkers in its development should not be ignored.