An approach to economic thinking by late scholasticism through cardinal Juan de Lugo SJ.
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Abstract
This study centres on the economic thinking of the XVII century Spanish scholastic Juan de Lugo – Doctor Hispalensis – and his theories on fair pricing, money and interest. The Fair Pricing theory revolves around five different elements: justice, subjective theory of value, common estimate, legal and natural prices and restitution. Together they make up a coherent total concept for an explicative pricing theory.
As far as financial thinking is concerned, the twin concept of money is reflected, both as simple cash and as capital (market tool). The problem of the twin concept of coins is also analysed: natural (quantity and quality of the metal itself) and legal (minting).
Regarding the analysis of usury, it sets out the main arguments put forward by Juan de Lugo to condemn it. These arguments do not stem from an a priori moral assumption, but from the scholastic view of natural right and the concept of money, time and the loan contract or mutuum.
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