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St. Thomas Aquinas and the Development of Natural Law in Economic Thought

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  • Rashid, Muhammad Mustafa

Abstract

Building on the system of reason provided for by the Greek philosopher and specifically Aristotle, St. Thomas Aquinas built a comprehensive system and theory of natural law which has lasted through the ages. The theory was further developed in the Middle Ages and in the Enlightenment Ages by many a prominent philosopher and economist and has been recognized in the Modern Age. The natural law-theory and system has been repeatedly applied to the spheres of economic thought and has produced many lasting contributions such as private property rights and individual rights. In recent times with the collapses of the financial system and rapid globalization, there has been a renewed interest in the application of natural law theory to economics to counter a certain anthropology and distortion of values created by a modern economic system of self-preservation deriving its insights from the philosophies of Thomas Hobbes and Niccolo Machiavelli.

Suggested Citation

  • Rashid, Muhammad Mustafa, 2019. "St. Thomas Aquinas and the Development of Natural Law in Economic Thought," MPRA Paper 93435, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:93435
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    File URL: https://mpra.ub.uni-muenchen.de/93435/1/MPRA_paper_93435.pdf
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    References listed on IDEAS

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    1. José Luis CENDEJAS BUENO, 2017. "Economics, chrematistics, oikos and polis in Aristotle and St. Thomas Aquinas," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 10(2), pages 5-46, May.
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    Cited by:

    1. Rashid, Muhammad Mustafa, 2017. "King, Fuller and Dworkin on Natural Law and Hard Cases," MPRA Paper 100958, University Library of Munich, Germany, revised 19 May 2020.
    2. Rashid, Muhammad Mustafa, 2019. "Berkeley Blues; Ford Community Corps Partnership: Integrating Environmental Ethic, Bioethics and the Ethics of Emerging Technology into a Comprehensive Leadership Philosophy. A Regional Study, Detroit," MPRA Paper 101867, University Library of Munich, Germany, revised 19 Jun 2020.
    3. Rashid, Muhammad Mustafa, 2020. "Case Analysis: Enron; Ethics, Social Responsibility, and Ethical Accounting as Inferior Goods?," MPRA Paper 98441, University Library of Munich, Germany.

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    More about this item

    Keywords

    St. Thomas Aquinas; Natural Law and Economics; Scholasticism; Morality and Markets; Law and Economics;
    All these keywords.

    JEL classification:

    • B0 - Schools of Economic Thought and Methodology - - General
    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • K0 - Law and Economics - - General
    • K4 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior

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