Morally ruled behaviour: The neglected contribution of Scholasticism

• Published in: The European journal of the history of economic thought Vol. 13; no. 1; pp. 99 - 112
• Main Authors: De-Juan, Oscar, Monsalve, Fabio
• Format: Journal Article
• Language: English
• Published: London Routledge 01-03-2006; Taylor and Francis Journals; Taylor & Francis LLC
• Series: European Journal of the History of Economic Thought
• Subjects: Area studies; Asymmetric information; asymmetrical information; Behavior; dominant position; Economic history; Economic theory; Ethics; ethics and justice; European studies; History of economic thought; Justice; Market; Morality; Public economics; Studies
• ISSN: 0967-2567; 1469-5936
• DOI: 10.1080/09672560500522827

In the analysis of 'justice' in market exchanges, the scholastic doctors made some contributions to the theories of prices and money. But probably the most important (and neglected) contribution lies in the domain of anthropology, i.e. in the explanation of human nature and human behaviour. In this paper the authors are going to work out two scholastic ideas that provide an alternative to the individualist and utilitarian approach of neoclassical economics. (1) Persons are morally ruled beings; a sense of 'duty' is a key element in their behaviour; (2) Persons are social beings competing and cooperating to achieve certain goals. Dominant positions and privileged information grant them special powers that should not be abused.