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'Lack of money': a reappraisal of Lessius' contribution to the scholastic analysis of money-lending and interest-taking

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  • Toon Van Houdt

Abstract

The Jesuit theologian Leonard Lessius contributed his own small part to the intellectual renewal of the so-called 'School of Salamanca' by introducing into the scholastic doctrine on lending a new extrinsic title, which he termed 'lack of money' (carentia pecuniae). In this article, I re-examine the genesis of the extrinsic title in light of new evidence that I have discovered. I continue with a thorough analysis of the title itself. I argue that the introduction of carentia pecuniaewas a highly significant contribution to late scholastic economic thought because of its insight that interest represented the time value of money which was to be determined by a common estimate on the loan market or Bourse. Finally, I try to explain why Lessius did not consider it completely inconceivable or at odds that it was morally acceptable for merchants to fix a market or Bourse price for money lent, while at the same time remaining faithful to the traditional ecclesiastical prohibition of usury.

Suggested Citation

  • Toon Van Houdt, 1998. "'Lack of money': a reappraisal of Lessius' contribution to the scholastic analysis of money-lending and interest-taking," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 5(1), pages 1-35.
    • Handle: RePEc:taf:eujhet:v:5:y:1998:i:1:p:1-35
    DOI: 10.1080/10427719800000001
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    References listed on IDEAS

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    1. Murray N. Rothbard, 1995. "Economic Thought Before Adam Smith," Books, Edward Elgar Publishing, number 377.
    2. Marjorie Grice-Hutchinson, 1993. "Economic Thought In Spain," Books, Edward Elgar Publishing, number 191 edited by Laurence S. Moss & Christopher K. Ryan.
    3. Barry Gordon, 1975. "Economic Analysis before Adam Smith," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-02116-1, October.
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    Cited by:

    1. Maxime Menuet, 2019. "The Relationship Between Theology and Economics: The Role of The Jansenism Movement," Working Papers hal-02153832, HAL.
    2. Jérôme Blanc & Ludovic Desmedt, 2014. "In search of a ‘crude fancy of childhood’: deconstructing mercantilism," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 38(3), pages 585-604.
    3. Domènec Melé, 2016. "Re-thinking Capitalism: What We can Learn from Scholasticism?," Journal of Business Ethics, Springer, vol. 133(2), pages 293-304, January.

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