The Ethics and Politics of Aristotle, although they are not principally devoted to a treatment of the theory of wealth, do in fact deal with that subject incidentally.  Two points in particular are touched on, the utility of money and the injustice of usury.  The passages of the philosopher dealing with these subjects are of particular interest, as they may be said, with a good deal of truth, to be the true starting point of mediaeval economics.[1] The writings of Aristotle arrested the attention, and aroused the admiration of the theologians of the thirteenth century; and it would be quite impossible to exaggerate the influence which they exercised on the later development of mediaeval thought.  Albertus Magnus digested, interpreted, and systematised the whole of the works of the Stagyrite; and was so steeped in the lessons of his philosophic master as to be dubbed by some ‘the ape of Aristotle.’  Aquinas, who was a pupil of Albertus, also studied and commented on Aristotle, whose aid he was always ready to invoke in the solution of all his difficulties.  With the single and strange exception of Vincent de Beauvais, Aristotle’s teaching on money was accepted by all the writers of the thirteenth century, and was followed by later generations.[2] The influence of Aristotle is apparent in every article of the Summa, which was itself the starting point from which all discussion sprang for the following two centuries; and it is not too much to say that the Stagyrite had a decisive influence on the introduction of economic notions into the controversies of the Schools.  ’We find in the writings of St. Thomas Aquinas,’ says Ingram, ’the economic doctrines of Aristotle reproduced with a partial infusion of Christian elements.’[3]

[Footnote 1:  Jourdain, op. cit., p. 7.]

[Footnote 2:  Ibid., p. 12.]

[Footnote 3:  Op. cit., p. 27.  Espinas thinks that the influence of Aristotle in this respect has been exaggerated. (Histoire des Doctrines Economiques, p. 80.)]

In support of the account we have given of the development of economic thought in the thirteenth century, we may quote Cossa:  ’The revival of economic studies in the Middle Ages only dates from the thirteenth century.  It was due in a great measure to a study of the Ethics and Politics of Aristotle, whose theories on wealth were paraphrased by a considerable number of commentators.  Before that period we can only find moral and religious dissertations on such topics as the proper use of material goods, the dangers of luxury, and undue desire for wealth.  This is easily explained when we take into consideration (1) the prevalent influence of religious ideas at the time, (2) the strong reaction against the materialism of pagan antiquity, (3) the predominance of natural economy, (4) the small importance of international trade, and (5) the decay of the profane sciences, and the metaphysical tendencies of the more solid thinkers of the Middle Ages.’[1]