Probability, prudence, danger: Thomas Aquinas on the building of the lexicon of risk

Pierre Januard

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Abstract: The Latin terms commonly used to signify 'risk' are absent from Thomas Aquinas's economic writings. Instead, Aquinas offers a lexicon of probability, prudence and danger. This ternary lexicon brings with it a triple universalisation of risk: first, a universalisation through activity, including the activity of analysis considered as part of economic activity; second, a universalisation through the agents, since everyone-the observer, the co-contractors, the prince and the population-is affected by the risk; and, finally, a partial universalisation of its definition, since the lexicon indicates a risk which is not yet restricted by calculation, as the modern notion is, although some distinctions are already made by Aquinas. However, the lexicon only describes a risk of loss and does not take into account chance of gain.

Keywords: Thomas Aquinas; scholastics; danger; probability; prudence; risk (search for similar items in EconPapers)
Date: 2024
New Economics Papers: this item is included in nep-his and nep-hpe
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Published in Journal of the History of Economic Thought, 2024, 46 (3), pp.421-442. ⟨10.1017/S1053837223000238⟩

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Related works:
Journal Article: PROBABILITY, PRUDENCE, DANGER: THOMAS AQUINAS ON THE BUILDING OF THE LEXICON OF RISK (2024)
Working Paper: Probability, prudence, danger: Thomas Aquinas on the building of the lexicon of risk (2024)
Working Paper: Probability, prudence, danger: Thomas Aquinas on the building of the lexicon of risk (2024)
Working Paper: Probability, prudence, danger: Thomas Aquinas on the building of the lexicon of risk (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-04074876

DOI: 10.1017/S1053837223000238

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