Scholastic Economic Thought

Abstract

Scholastic economic thought, which flourished during the Middle Ages, differs in many respects from the economic thought of our own time. It was not positive or hypothetical but normative, directing the faithful to do certain things and abstain from doing others. Human weakness or wickedness would account for gaps between the norm and its fulfilment. Furthermore, scholastic economic thought did not generate rules that were uniformly applicable to homo economicus; instead there was a division among its addressees between the select few capable of abiding by the counsel of perfection and the general run of humanity that required à less exacting rule. Moreover, scholastic economic thought was not presented in systematic form but arose sporadically and incidentally in conjunction with other matters treating, perhaps, of sales, fraud or usury. It was not shaped by professional economists but by theologians and lawyers. It did not form an autonomous discipline but relied on precepts derived from theology, philsophy and law. A number of social ideals that are characteristic of modern times were alien to it, chiefly the ideal of progress; instead, stratified medieval society, which was organized more on the principle of status than of contract, looked for a golden age that was located in the past rather than the future. Scholastic economic thought was the thought of an age of faith whose overriding concern was the salvation of souls in the next world rather than this-worldly concern with reforms that might produce an earthly paradise. With man fallen and tainted by original sin, perfection was not of this world.KeywordsBusiness EthicEconomic ThoughtQuantity TheoryCommunal OwnershipHomo EconomicusThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.