Nicolaus Copernicus
Nicolaus Copernicus
Nicolaus Copernicus
Scientific career
Fields Astronomy Canon law
Economics, Mathematics
Medicine, Politics
Nicolaus Copernicus was a Polish astronomer who put forth the theory that the Sun is at
rest near the center of the Universe, and that the Earth, spinning on its axis once daily,
revolves annually around the Sun. This is called the heliocentric, or Sun-centered, system.
Copernicus was aware that the ancient Greek Aristarchus had already proposed a
heliocentric theory, and cited him as a proponent of it in a reference that was deleted before
publication; however, there is no evidence that Copernicus had knowledge of, or access to,
the specific details of Aristarchus' theory. Although he had circulated an outline of his own
heliocentric theory to colleagues sometime before 1514, he did not decide to publish it until
he was urged to do so late in his life by his pupil Rheticus. Copernicus's challenge was to
present a practical alternative to the Ptolemaic model by more elegantly and accurately
determining the length of a solar year while preserving the metaphysical implications of a
mathematically ordered cosmos. Thus, his heliocentric model retained several of the
Ptolemaic elements, causing inaccuracies such as the planets' circular orbits, epicycles, and
uniform speeds, while at the same time introducing such innovative ideas as:
o In the course of his discussion, Copernicus also became the first person to set
forth clearly the "quantity theory of money," the theory that prices vary directly
with the supply of money in the society. ... The causal chain began with
debasement, which raised the quantity of the money supply, which in turn raised
prices.
o In economics, Gresham's law is a monetary principle stating that "bad money
drives out good". For example, if there are two forms of commodity money in
circulation, which are accepted by law as having a similar face value, the more
valuable commodity will gradually disappear from circulation.