Recalling economics classes

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Recalling economics classes

The Middle Ages was characterized by theocentrism and ecclesiastical power. The leading thinker of the time was St. Thomas Aquinas (Italian, 1225-1274), who was inspired by the ideas of Aristotle. One of the biggest changes was the dignity and obligation to work as a means to achieve happiness, establishing Jesus as a model of life-particularly in hard-working.Appeared and the concepts of fair wages for workers dependents (must be paid according to the work they did) and the right price for independents (it should pay the price that corresponded to the goods or services supplied). It also stated the right to private property (the result of effort by the employee) and was initially banned-in-interest loans (usury). Capitalism is finally presented as a threat to the hegemonic power of the Church and feudal lords.

In economic thinking is not systematic economic questions were technical-organizational, "How do we build a dam to store water in summer?", And then turned on moral-religious: "Is it fair charging interest?" , "What is the fair price should I buy these goods?": "What is the fair wage of a dependent?".

Sources, History of the economy, Paul Krugman: Adam Smith.