The paradox of value in the teaching of the Church Fathers

Bibliographic Data

ID21604533
AuthorsJoost Hengstmengel (0000-0003-4637-0878, Erasmus Economics and Theology Institute, Erasmus University Rotterdam, Rotterdam, The Netherlands, corresponding author)
Year2021
Volume28
Issue5
Pages695-707
Publication date2021-09-03
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueEuropean Journal of the History of Economic Thought (JOURNAL)
Journal identifiersISSN: 0967-2567 • E-ISSN: 1469-5936
PublisherInforma UK Limited (PUBLISHER • GB)
DOI10.1080/09672567.2021.1877758
OpenAlexW3128766339
LanguageEN
Citations received3
References cited19

The paradox of value is a classic puzzle in economics. It wonders why necessities are cheap while luxury goods are useless but expensive. Often Adam Smith is cited as the “inventor” of the paradox. Few economists seem to realise that it was voiced by numerous writers before. This article focuses on the Church Fathers, and discusses the role and interpretation of the paradox in their works. It argues that although these “theologians” did not take the analysis of the paradox much further than their philosophical predecessors, they elaborated on the subjectivity of value and price, thus contributing to the genesis of the economic theory of value

Adam smith · Economics · Epistemology · Law and economics · Linguistics · Neoclassical economics · Positive economics · Subjectivity · Value theory · American Constitutional Law and Politics · Economic Theory and Institutions · Historical Economic and Legal Thought · Mathematics · Philosophy