Economics of Production.

DISCUSSING “Medieval Economic Theory in Modern Industrial Life,” Prof. Mauritz Bonn, of Berlin, before Section F (Economic Science and Statistics) at the recent Glasgow meeting of the British Association, stated that the chief feature of medieval economic theory was probably the conception of production as a mere physical act of turning out goods. The money value side of it was of no importance. In strict accordance with this conception, distribution proper, outside physical transportation, was rather despised. Price was a kind of simple computation of different costs; costs being equivalent to actual outlay and the necessary expenses of maintaining a status of living. The price was ‘just’ when the return to the producer covered these elements.