Theorising interest

Чаплыгина, И.Г.; Lapidus, André

doi:10.4324/9780367434496-12

Cited by 3 publications

(6 citation statements)

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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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“…The notions of risk and ownership would thus allow him to base his analysis on the formal distinction between loan and equity (Chaplygina and Lapidus, 2016, p. 37;2022). This latter assumption would seem to be more in line with De emptione, III, where Aquinas is very harsh on borrowing merchants.…”

Section: Danger: An Explicit Risk Of Lossmentioning

confidence: 99%

Probability, prudence, danger: Thomas Aquinas on the building of the lexicon of risk

Januard

2024

Preprint

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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 universalisation of risk: first, a universalisation through activity, including the activity of analysis considered as part of economic activity; second, a universalisation through the agents, since everyone – the observer, the co-contractors, the prince and the population – is affected by the risk; and, finally, a partial universalisation of its definition, since the lexicon indicates a risk which is not yet restricted by calculation, as the modern notion is, although some distinctions are already made by Aquinas. However, the lexicon only describes a risk of loss and does not take into account chance of gain.

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“…o Medieval understanding of the interest loan (McLaughlin [1939(McLaughlin [ ] et [1940; De Roover [1953] and[1971]; Noonan [1957]; Baldwin [1959]; Mélitz [1971]; Lapidus [1987] and; Langholm [1992]; Chaplygina and Lapidus [2016]; Monsalve [2014b]);…”

Section: A) a Conceptual Elucidation Of The Aquinas's Notion Of Usurymentioning

confidence: 99%

“…o The distinction of levels between normative and acceptable just prices (Friedman [1980]; Lapidus [1986] and[1994]; Chaplygina and Lapidus [2016]; Sturn [2017]).…”

Section: A) a Conceptual Elucidation Of The Aquinas's Notion Of Usurymentioning

confidence: 99%

“…The normative character of a just price as distinct from possible and acceptable prices has only gradually emerged in the secondary literature. Distinguishing between possible and acceptable prices and the just price, as the second hypothesis does (Lapidus [1994]; Chaplygina and Lapidus [2016], p. 25) based on the normative framework of scholastic reflection (Chaplygina and Lapidus [2016], p. 20), leads to a rethinking of the debate on the just price (Franks [2009],…”

Section: Just Price and Acceptable Pricesmentioning

confidence: 99%

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Risky exchanges: price and justice in Thomas Aquinas’s De emptione et venditione ad tempus

Januard¹

2022

The European Journal of the History of Economic Thought

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Thomas Aquinas's De emptione et venditione ad tempus is concerned less with usury than with commercial exchange. Cross-referencing the economic aspects of forward selling and the role of the virtue of justice with Aquinas's concepts of sign and analogy leads us to revise our understanding of the just price, drawing a distinction between three different levels of reality (normative, market, and singular exchange), each of which gives rise to analytical, commercial, and strategic risks. This riskanalysis grid offers a basis for a new reading of his later works, notably the Summa theologiae.

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Theorising interest

Cited by 3 publications

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

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

Probability, prudence, danger: Thomas Aquinas on the building of the lexicon of risk

Risky exchanges: price and justice in Thomas Aquinas’s De emptione et venditione ad tempus

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