Economist during the Medieval Period

(500-1500AD)

PREPARED BY:

CIELO UEHARA

Thomas Aquinas (1225–1274)• Italian theologian, economic writer• Catholic scholars known as the Schoolmen• Summa Theologica

classics of the history of philosophy

• Concept of just price reproduction of the social order modern concept of long run equilibrium

costs of production maintenance of a worker and his family

• Aristotle’s theory, Questions 77 and 78 economic issues: what a just price might be fairness of a seller dispensing faulty goods

• Usury raising the price of a product from its original price

• Aquinas taught that high prices in response to high demand is theft sellers raise their prices simply because buyers had a pressing need for a product.

Duns Scotus (1265–1308)• from Scotland• taught in Oxford, Cologne, and Paris.• Sententiae (1295)• calculated the price in a precise manner than Aquinas• emphasize the costs of labor and expenses• merchants perform necessary and useful social role by: transporting goods making them available to the public

Jean Buridan (1300 – 1358) Latin name : Johannes Buridanus French priest Two angles of money which he

acknowledged can vary. metal value determinepurchasing power

Demand and Supply market prices

Price was what the society collectively and not just one individual is willing to pay.

Ibn Khaldun (1332–1406)• Arab Muslim scholar from Tunisia• 2nd candidate as “Father of Economics”• Arnold Toynbee called Ibn Khaldun:

a genius inspired by no predecessors and to have found no kindred souls among his contemporaries

• formulated a philosophy of history expressed a theory of the lifecycle of civilizations the specialization of labor the value of money as a means of exchange

• His ideas on taxes bore resemblance to: supply-side economics laffer curve

beyond a certain point higher taxes discourage production and actually cause revenues to fall

• “Businesses owned by responsible and organized merchants shall eventually surpass those owned by wealthy rulers”

Nicole Oresme (1320–1382)French name: Nicolas d'Oresme

French philosopher and priestDe origine, natura, jure et mutationibus monetarumthe origin, nature, law, and alterations of money.

one of the earliest manuscripts on the concept of money.

Antonin of Florence (1389–1459)Saint Antoninus of Florence Italian Dominican friar and Archbishop of Florence.

Social and Economic DevelopmentDuty of the state:

intervene in mercantile affairs for the common good.

obligation to help the poor and needy. “Summa theologica”

price justice capital Theory.

• Natural value of goods and its practical value.

• Latter is determined by: suitability to satisfy needs (virtuositas) rarity (raritas) subjective value (complacibilitas)

End of Slide