et Belles-Lettres, 1889, vol. xxxiii. pt. ii., and Ashley, _Economic
History_, vol. i. pt. ii. p. 426. The _Summa Pastoralis_ of Raymond de
Pennafort analyses and demolishes many of the commoner devices which
were employed to evade the usury laws. On the part played by the Jews,
see Brants, _op. cit._, Appendix I.]

[Footnote 2: _Die Nationalökonomischen Grundsätze der canonistischen
Lehre_, p. 192.]

[Footnote 3: _History of the German People_ (Eng. trans.), vol. ii. p.
99.]



SECTION 3.--VALUE OF THE STUDY OF THE SUBJECT


The question may be asked whether the study of a system of economic
teaching, which, even if it ever did receive anything approaching
universal assent, has long since ceased to do so, is not a waste of
labour. We can answer that question in the negative, for two reasons.
In the first place, as we said above, a proper understanding of
the earlier periods of the development of a body of knowledge is
indispensable for a full appreciation of the later. Even if the
canonist system were not worth studying for its own sake, it would
be deserving of attention on account of the light it throws on the
development of later economic doctrine. 'However the canonist theory
may contrast with or resemble modern economics, it is too important
a part of the history of human thought to be disregarded,' says Sir
William Ashley. 'As we cannot fully understand the work of Adam Smith