History of Economic Thought. Teachings of Thomas Aquinas (most important)

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History of Economic Thought. Teachings of Thomas Aquinas (most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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11. THE TEACHINGS OF THOMAS AQINA

Major works Thomas Aquinas (1225-1274) are "Suma Against the Pagans" и "The Bag of Theology".

He was the finisher of the views canonists, lived at a time when the feudal system and feudal classes had already taken shape, feudal wealth grew and commodity-money relations reached a significant development.

The most important and widespread idea was doctrine of "just price". According to ancient tradition, it was understood as a price equal to the labor costs for the manufacture of any thing. Failure to comply with this rule, based on justice, creates evil in society and leads it to decline. Usury and appropriation of trade profits were also considered evil. Meanwhile, these phenomena were spreading more and more widely, and the church began to take part in trade and usury operations.

The contradiction between morality and economics was removed Thomas Aquinas - a consistent ideologue of the feudal class. He considered social division of labor How natural phenomenon and believed that it underlies the division of society into classes, argued that people are born different in nature.

Some should cultivate the land, others build houses, and some people will be free from worldly concerns and should devote themselves to spiritual work in the name of saving the rest.

He concludes: serfs were created for physical labor, while the privileged estates must devote themselves to spiritual activity, engage in mental labor.

As an ideologue of the feudal class Thomas Aquinas sought to justify wealth. It is the result of human activity in the same way as the right of private property.

Important place in learning Thomas Aquinas which usually takes "fair price" theory. He considered a fair price to be one that:

1) takes into account the labor expended on the production of goods;

2) enables the seller to live according to his social position.

The "fair price" theory aims to justify estate privileges and reflects the interests of the feudal class and the merchant class.

Thomas Aquinas justified the receipt of land rent.

Labor - a charitable deed necessary for the maintenance of life. Labor makes it possible to distribute alms, but the feudal lord may not work, receiving rent.

Thomas Aquinas was supporter of subsistence farming, since it is the basis of human well-being.

Some types of trade, from his point of view, are "fair" trade, in particular, the importation of basic necessities into the country. The profit received by the merchants does not contradict Christian virtue (this is payment for labor).

Thomas Aquinas condemned usury, but allowed cases where interest may be charged:

1) when the debtor used the money lent to him for the purpose of making a profit;

2) when the creditor experiences difficulties caused by the delay of money from the debtor;

3) if the creditor does not receive a possible income from this money.

Interest should be considered as a payment for the risk associated with the provision of a loan.

Author: Tatarnikov E.A.

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