Investigating the Experience of Scholastic Theology in Confrontation with Economic Phenomena: Approaches to Just Price Theory

Abstract

Scholastics were a group of Christian theologians who were mainly active in Europe during the 12th to 17th centuries. One of the notable teachings in scholastic literature is the theory of just price, which can be considered one of the most frequent theories in the history of economic ideas. This study tries to reassess the theory of just price in the economic thought of scholastic thinkers by referring to classical scholastic texts, through which it examines the general experiences of scholastic theology in confrontation with economic phenomena. For this purpose, the theory of just price is examined from the roots of its formation in scholastic practical wisdom to its most superficial form as an economic institution. Through this investigation, the question that how theology can play a role in its practical field, up to the most superficial economic institutions can be answered. The results of this study show that scholastic thinkers in the theoretical field of practical theology had significant achievements in promoting theology through their writings and teachings in schools. And in its practical field, they tried to implement theology in the human foundations of society by building various divine institutions such as a just price. In this regard, the theory of dual human happiness in scholastic theology has had a significant impact on the formation of economic issues as part of scholastic practical wisdom. Despite these achievements, their thought is wanting from two aspects: (1) systematic lack of understanding of modern phenomena such as capitalism and (2) no effort to implement their teachings in the social and economic construction of society.

Keywords

• practical theology
• scholastic theology
• scholastic thinkers
• just price