Licit and illicit risks in Thomas Aquinas's De emptione et venditione ad tempus

Risques licites et illicites dans le De emptione et venditione ad tempus de Thomas d'Aquin

Pierre Januard

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Abstract: In De emptione et venditione ad tempus, a brief early letter on forward selling, Thomas Aquinas presents a risk of usury inherent in the intertemporal dimension of exchange, but inherent also in licit expenses such as transport, and illicit ones such as borrowing costs or expenses incurred without attention or unwisely, which the merchant may or may not pass on via the price. These expenses appear as risks which are described here for the case of forward sale, but are properly inherent to any commercial activity. While transport is a part of the merchant's activity and represents the paradigm of licit risk, imprudence characterises two stages of failure in his management, namely negligence and mismanagement, and hence leads to illicit risk.

Keywords: Thomas Aquinas; risks; expenses; transport; Prudence (search for similar items in EconPapers)
Date: 2022
New Economics Papers: this item is included in nep-his and nep-hpe
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-03559035
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Published in Œconomia - History/Methodology/Philosophy, In press, 12-2, pp.233-271. ⟨10.4000/oeconomia.12774⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-03559035

DOI: 10.4000/oeconomia.12774

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