The Toledan jurist and bishop Diego de Covarrubias y Leyva states in his Variarum resolutionum (1554) the principle that the value of goods is not intrinsic to their nature but a product of the subjective estimation of those who demand them. Using the example of the price of wheat in the Indies versus Spain, he articulates the foundations of what three centuries later would be known as the subjective theory of value — canonically attributed to Carl Menger (1871), who cites neither Covarrubias nor the School of Salamanca in his main work.