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The Legacy of Scholasticism in Economic Thought : Antecedents of Choice and Power - Odd Langholm

The Legacy of Scholasticism in Economic Thought

Antecedents of Choice and Power

Hardcover

Published: 13th February 1998
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This book is a study in the history of economic thought. It deals with the economics of exchange, that is, with prices, wages and interest rates. Those who pay a certain price or interest rate, or work at a certain wage, may agree to do so because they are in economic need. They are thus in a sense compelled and not free to choose. This problem was first discussed by teachers in the medieval universities. This book follows the discussion from the Middle Ages to the present.

"Langholm has shown that the original Scholastic analysis of the market process drew on Aristotelian and Roman law concepts of volition and free choice as the basis for justice in exchange. Realistic appraisals of need and institutions resulted i practical policies that qualified these premises, paralleling modern institutionalism. This provocative study implicitly demands further investigation of the ideological milieu that produced a naturalistic economics based on the specious Benthamite assumption of ubiquitous rationality." S. todd Lowry, Washington and Lee University "Odd Langholm's The Legacy of Scholasticism in Economic Thought is an extraordinary achievement. langholm has written an immensely insightful and richly textured history of the development of teh idea of economic compulsion." Isis "...Langholm has done more than any scholar to uncover the widely scattered sources of Scholastic economic thought, to reimagine the shape and logic of a tradition that lasted more than four centuries, and to bring the subject to a wide audience. It presents a wealth of textual evidence culled from an impressive array of sources,,,this work is directed at least as much to modern historians and economists as it is to medievalists...the intent, informational content, and overal conception of the book are praiseworthy...It may indeed work for the audience who, educated primarily in modern economic theory, will be introduced to another, clearly quite sophisticated, set of assumptions about the ethical dimensions of exchange. There is much in this book that will enlighten and impress them." Speculum: Journal of Medieval Studies

Preface
Introduction
Compulsion and the Will: Three Ancient Traditions
The Aristotelian tradition
The Roman law tradition
The Augustinian tradition
Need as Compulsion: The Scholastic Paradigm
Loans and usury
Price and market manipulation
Need and the will in buying and selling
Labor and wages
Rejection and Revival in Postscholastic Thought
Hobbes: the antithesis
The economics of natural law
The neoclassical system and its critics
Bibliography
Index
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521621595
ISBN-10: 0521621593
Series: Historical Perspectives on Modern Economics
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 228
Published: 13th February 1998
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.8 x 15.2  x 1.7
Weight (kg): 0.51