An Essay on Mediæval Economic Teaching — A Reader’s Guide

The Just Price Debate: Objectivity vs. Subjectivity

The excerpts center on a pointed disagreement over the nature of the just price. Dr. Cunningham, in Growth of English History and Commerce, argued that medieval doctrine assumed an 'ideal price' implying stability in relative values—a notion he deemed 'absurd.' He claimed value was subjective, varying with personal preference, and thus no objective just price could exist. Father Slater, writing in the Irish Theological Quarterly, corrected this by emphasizing that the just price was not intrinsic to the object but derived from 'social estimation' of utility and scarcity. O'Brien presents Slater's view that the just price 'says nothing whatever about the stability or permanence of prices at different times and at different places.' Yet O'Brien also critiques Slater for potentially conflating the just price with modern competitive market price, suggesting the debate remained unresolved.

Structure and Method: A Scholastic Approach

O'Brien's essay is methodically organized, reflecting its scholastic roots. The table of contents reveals a logical progression: from property rights and duties, to exchange (including just price and usury), to a conclusion. Each chapter is subdivided into sections and subsections, such as 'The Just Price when Price fixed by Law' and 'Usury in the First Twelve Centuries of Christianity.' This structure mirrors the medieval pedagogical style of question-and-answer or disputation. The author's note acknowledges assistance from Rev. Dr. Cronin and Father T.A. Finlay, S.J., indicating a grounding in Catholic moral theology. The excerpts show O'Brien engaging directly with contemporary scholars, using footnotes to cite specific articles and page numbers, thereby situating his work within an ongoing academic conversation.

Recurring Concerns: Property, Usury, and Ethical Exchange

Beyond the just price, the excerpts hint at broader medieval economic concerns. The chapter on property includes sections on 'Property in Human Beings' and duties regarding acquisition and use. The treatment of usury spans historical contexts from Greece and Rome to the Old Testament and early Christianity, culminating in the medieval prohibition. O'Brien's language is precise and evaluative: he describes medieval actions as 'not unwise' and their 'common-sense morality' as sound, while deeming their economic theories 'quite erroneous.' This dual assessment—praising practical ethics while critiquing theoretical foundations—recurs throughout. The work thus presents medieval economic teaching as a coherent ethical system, even where its intellectual justifications falter.

Readers approaching O'Brien's essay should attend to its dual character: it is both a historical exposition and a critical engagement with earlier interpreters. The excerpts show that the work does not merely describe medieval doctrines but enters into debate about their meaning. O'Brien's own stance emerges through his selection and evaluation of sources, particularly the Cunningham-Slater exchange. For those interested in the intersection of ethics and economics, this essay offers a detailed, if incomplete, window into how medieval thinkers conceptualized value, exchange, and social obligation—and how modern scholars have struggled to interpret them.

The rain blurred the windows that afternoon, and I kept returning to O’Brien’s quiet insistence that value once meant neighborly judgment, not appetite. That ethical weight lingered, almost accidentally leading me to My Life and Work — Inside the Classic, where a different kind of reckoning with work and worth unfolds—less scholastic, more personal, yet somehow still concerned with the soul of exchange.