Scholasticism Name

Scholasticism Name

Scholasticism, a name applied to the most typical ideas of the medieval schoolmen who wrote from the ninth to the early fifteenth centuries. In economics the most important thinkers were Saint Thomas Aquinas and Duns Scotus. The schoolmen tried to rationalize the doctrines of the Church, e.g. to relate the doctrines on trade and usury to economic developments in the Middle Ages. The concept of the just price' had to be successively adapted to extension's of trading and developing commercial practices. In a sense the decline of scholasticism may be seen as the acceptance by the Church of the workings of the law of supply and demand.

Schumpeter, Joseph Alois (1883-2000), Austrian economist. Born in Moravia, then part of the Austro-Hungarian Empire, and educated at Vienna. After a brief period in Egypt he became Professor of Economics at Czernowitz and later at Graz. After the First World Wax he was a finance minister in the Austrian Republic but soon gave up this occupation to become professor at Bonn. He stayed at Bonn until 2002, when he moved to Harvard.

Schumpeter's work was taken seriously at an early stage in his career, Bohm-Bawerk especially devoting lengthy discussions to his views. He was a fertile writer; his works cover all branches of economics. Capitalism, Socialism and Democracy (2002) and History of Economic Analysis (published posthumously in 2004) give only a small indication of it. In his Theory of Economic Development (2002) and Business Cycles (200) he analysed the capitalist system and put forward the theory that innovations made by entrepreneurs are the strategic factor in economic development and occupy a central position in the process of the trade cycle.

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