Natural Law

Definition

Natural law refers to a philosophical belief that certain rights and moral values are inherent in human nature and can be understood through reason and ethical principles, rather than being dependent on societal rules or regulations. This concept is foundational in Scholastic economic doctrine, where it links moral philosophy with economic behavior, arguing that economic actions should align with moral imperatives that reflect the natural order of the universe.

5 Must Know Facts For Your Next Test

1. Natural law posits that human beings have innate rights that are discoverable through reason, influencing moral judgments in economics and beyond.
2. In Scholastic economic doctrine, natural law serves as a guide for determining just prices and fair trade practices, emphasizing the moral implications of economic activities.
3. The idea of natural law was central to the works of Scholastic thinkers like Thomas Aquinas, who integrated Aristotelian philosophy with Christian theology.
4. Natural law challenges the notion that laws are solely a product of human enactment, arguing instead for universal principles that govern ethical behavior across cultures.
5. This concept paved the way for modern discussions about human rights and social justice, linking individual freedom with responsibility towards others.

Review Questions

• How does the concept of natural law influence economic behavior according to Scholastic economic doctrine?
  • Natural law profoundly influences economic behavior by establishing moral guidelines that dictate how individuals should act in economic transactions. According to Scholastic economic doctrine, actions such as pricing and trade practices should reflect not only self-interest but also a commitment to fairness and justice. This means that individuals are encouraged to consider the welfare of others and the broader implications of their economic decisions, aligning their actions with universal ethical principles.
• Discuss the relationship between natural law and the idea of just pricing in Scholastic thought.
  • In Scholastic thought, the relationship between natural law and just pricing is rooted in the belief that prices should reflect intrinsic value rather than arbitrary factors. Natural law suggests that fairness in pricing is essential to align economic transactions with moral standards. Scholars argued that goods should not be sold for excessively high or low prices; instead, they should be priced in a way that respects both the seller's need for a fair profit and the buyer's right to access goods at a reasonable cost. This ensures that market activities contribute positively to societal welfare.
• Evaluate how natural law serves as a foundation for modern discussions about human rights and social justice.
  • Natural law serves as a crucial foundation for modern discussions about human rights and social justice by asserting that certain rights are inherent and universal to all individuals. This philosophical framework implies that regardless of cultural or legal variations, all humans possess fundamental rights derived from their nature. Consequently, this perspective has influenced contemporary movements advocating for social justice, urging societies to recognize and uphold these inherent rights against arbitrary laws or systems of power. By grounding human rights in natural law, advocates can argue for moral obligations that transcend legal frameworks, promoting a more equitable world.

Related terms

Scholasticism:

A medieval school of thought that sought to reconcile faith and reason, emphasizing logical analysis and the synthesis of various sources of knowledge, particularly from Aristotle.

Moral Economy: An economic system that prioritizes ethical considerations and social justice over profit maximization, often rooted in the principles of natural law.

Common Good: The benefit or interest of all members of a community or society, often discussed in relation to the moral obligations individuals have towards one another according to natural law.