Economic thought in scholasticism

Чаплыгина, И.Г.; Lapidus, André

doi:10.4337/9781785367366.00008

Cited by 11 publications

(3 citation statements)

References 9 publications

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“…a function going from states of the world to a set of consequences, we see on the one hand that whereas the formalisation of this function and the calculation of probabilities remain absent from Aquinas's work, the situations that would be described today in terms of a random variable do exist. On the other hand, we note that Aquinas's use of the lexicon of probability, prudence and danger shows the existence of a risk for all economic activities (namely analysis, sales and loans), for all agents (namely the seller, and Monsalve 2006;Franks 2009;Rajapakse 2010;Koehn and Wilbratte 2012;Ege 2014;Monsalve 2014a and2014b;Lapidus 2016 and2022;Dellemotte 2017: Sturn 2017Hirschfeld 2018;Santori 2019Santori , 2020Santori and 2021Koehler 2020;Januard 2021Januard , 2022aJanuard , 2022bJanuard , 2022c The nouns alea (chance, luck) and fortuna (luck, fortune), and the verbs angustio (to trouble, worry) or inquieto (to worry) and their derived forms are absent. The appearance of certain terms could be misleading.…”

Section: Introductionmentioning

confidence: 92%

Probability, Prudence, Danger: Thomas Aquinas on the Building of the Lexicon of Risk

Januard

2023

J Hist Econ Thought

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The Latin terms commonly used to signify “risk” are absent from Thomas Aquinas’s economic writings. Instead, Aquinas offers a lexicon of probability, prudence, and danger. This ternary lexicon brings with it a triple universalization of risk: first, a universalization through activity, including the activity of analysis considered as part of economic activity; second, a universalization through the agents, since everyone—the observer, the co-contractors, the prince, and the population—is affected by the risk; and, third, a partial universalization of its definition, since the lexicon indicates a risk that is not yet restricted by calculation, as the modern notion is, although some distinctions are already made by Aquinas. However, the lexicon describes only a risk of loss and does not take into account chance of gain.

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Section: Introductionmentioning

confidence: 92%

Probability, Prudence, Danger: Thomas Aquinas on the Building of the Lexicon of Risk

Januard

2023

J Hist Econ Thought

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“…International trade freedom assumed the existence of a market that facilitated exchange, initiating the necessity to address the issue of value and price. It is irrelevant that due to the specific understanding of social obligations and constraints on the expression of individuals, the "market" of the time was subordinated to the needs focused on survival, with no reference to the automatism of price relations-based offer size and interest (Benton 2020;Chaplygina and Lapidus 2016). Yet, it should be mentioned that various things were emphasized in a systemic sense (in reference to a market so limited in its objectives).…”

Section: From Freedom Of Trade To Market Freedommentioning

confidence: 99%

The Entrepreneur’s Prayer and the Scholastic Inspirations of Free-Market Economics

Bednarz,

Błasiak

2024

Religions

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The paper explores the historical and philosophical roots of economic thought, drawing connections between the entrepreneurial mindset and the scholastic traditions that have shaped the conceptual landscape of free markets. Through a multidisciplinary approach, the paper examines how religious and scholastic influences have contributed to the development of economic ideas, providing a nuanced understanding of the ethical dimensions inherent in entrepreneurial endeavors. By unraveling the threads that connect entrepreneurship, prayer, and scholasticism, this paper also seeks to illuminate the symbiotic relationship between faith, intellectual heritage, and the principles that underpin free-market economies.

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“…Chaplygina and Lapidus (2016) stress the duality of (1) normative considerations (How is the just price determined?) and (2) analysis of economic behaviour which may result in actual transactions violating the norm (see also Lapidus 1994).…”

Section: Theology and Political Economymentioning

confidence: 99%