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Aristotle and Aquinas

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Aristotle and Aquinas. The foundations of Medieval Economic. Thought
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Aristotle. 384-322 BCE. Greek. Student of Plato. Teacher of Alexander the Great
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Aristotle. In physical science, Aristotle studied anatomy, astronomy, embryology, geography, geology, meteorology, physics and zoology. In philosophy, he wrote on aesthetics, ethics, government, metaphysics, politics, economics, psychology, rhetoric and theology. He also studied education, foreign customs, literature and poetry. Source: Wikipedia
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Aristotle: Teleology. Things seek to achieve their natural end or telos. What is good for something is to achieve that end
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Aristotle on trade. Trade for Aristotle is instrumental. A means to achieving the good life
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Wealth. Provides the material for household management: oecomonmica
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Acquisition. Natural limit: acquire enough to live an unstressed, healthy life.
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Proper and improper use. Shoe: Proper use of a shoe is to protect feet. Improper use: Hammer nails. Something is used properly when use is in line with its end.
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Exchange. To satisfy a person’s natural wants is natural. Bread and wine
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Midas. How can money be wealth when Midas could starve despite having so much of it? Moral: unlimited acquisition of wealth is unnatural
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Aristotle on Virtue. Aristotle’s idea of the mean – virtue is the mean between two vices. Courage lies between cowardice and rashness. Temperance is the mean of drunkenness and teetotaling
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Aquinas. 1225 – 1274 CE. Born in central Italy. Set Aristotle in a Christian context
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Aquinas on Usury. Aquinas held that usury is selling what is non-existent. Paying back the loan is payment for the loan. The interest is payment for nothing
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Aquinas on Usury. Aquinas holds that one can borrow at interest: If one did not persuade the usurer (he was out loaning money anyway); If the loan is put to good use.
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