Measuring the Value of Things in the Middle Ages


The Money Changer and his Wife (1490).

The Money Changer and his Wife (1490).

Measuring the Value of Things in the Middle Ages

Laurent Feller (Université Paris 1 Panthéon-Sorbonne/Institut Universitaire de France)

Economic Sociology: The European Electronic Newsletter, Volume 15, Number 3 (July 2014)

Abstract

A French version of this text has been read in Torino in 2012 at a “Round table” organised by the European Re- search Council program SAS (Signs and States), about the notion of “value” in the Middle Ages.

The difficulty of understanding the value of things in the Middle Ages is one of the obstacles to our understanding of economic life in that era. The issue is first of all associated with the ways medievalists quantify and use numbers. Value was first investigated when studying prices in the 19th century, as a prerequisite to any knowledge of the economy. This avenue, explored by major researchers like J. Thorold Rogers and d’Avenel in the 1880s-1890s, reached its apogee in the 1930s with the extensive investigation launched by Beveridge (Dumoulin, 1990). It has been ignored over the last decades, while economic history was losing ground in the eyes of French medievalists. For some twenty years their researches and their reflections turned rather to qualitative data wherein the issue of non- mercantile exchange, of donation and its economy, has gained a more prominent position than the study of mer- cantile exchange, initially considered as research on prices and values, or the relations between things (Testart 2001).




This evolution is well known, if not always explained and understood thoroughly (Feller 2011a). It is supported by a number of methodological assumptions which make more complex the study of an economic history which specialists now wish to embed in a social context. I would like to stress that this viewpoint is short-sighted. The main focus since then has been the study of the relations between people through things. The aim is to include the understanding of the value or price ratios established between things into the latter. The study of prices in the long- or short-term, carried out by comparing the factors or the functions of supply and demand, should not be considered in any way incompatible with the study of social determi- nants interfering with pure market mechanisms.

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