factor which was admitted to enter into the determination of
value. The passage from Gerson dealing with the circumstances to which
the prince must have regard in fixing a price, which we quoted above,
shows quite clearly that many other factors were recognised as no
less important. This appears with special clearness in the treatise
of Langenstein, whose authority on this subject was always ranked very
high. Bernardine of Siena is careful to point out that the expense of
production is only one of the factors which influence the value of an
object.[1] Biel explains that, when no price has been fixed by law,
the just price may be arrived at by a reference to the cost of the
labour of production, and to the state of the market, and the other
circumstances which we have seen above the prince was bound to have
regard to in fixing a price. He also allows the price to be raised on
account of any anxiety which the production of the goods occasioned
him, or any danger he incurred.[2]

[Footnote 1: 'Res potest plus vel minus valere tribus modis; primo
secundum suam virtutem; secondo modo secundum suam caritatem; tertio
modo secundum suam placibilitatem et affectionem.... Primo observat
quemdam naturalem ordinem utilium rerum, secundo observat quemdam
communem cursum copiae et inopiae, tertio observat periculum et
industriam rerum seu obsequiorum' (Funk, _Zins und Wucher_, p. 153).]

[Footnote 1: 'Sollicitudo et periculum,' _Op. cit._, IV. xv. 10.]

It will be apparent from the whole trend of the above that, whereas
the remuneration of the labour of all those who were engaged in the
production of an article, was one of the elements to be taken into
account in reckoning its value, and consequently its just price,
it was by no means the only element. Certain so-called Christian
socialists have endeavoured to find in the writings of the scholastics
support for the Marxian position that all value arises from labour.[1]
This endeavour is, however, destined to failure; we shall see in a
later chapter that many forms of unearned income were tolerated and
approved by the scholastics; but all that is necessary here is to draw
the attention of the reader to the passages on value to which we have
referred. One of the most prominent exponents of the untenable view
that the mediaevals traced all value to labour is the Abbe Hohoff,
whose argument that there was a divorce between value and just price
in the scholastic writings, is ably contr