Value and the market's (dis)order : market prices as a theological problem in patristic thought and the value theory of Peter of John Olivi

This article analyzes prices and value as constituting a theological problem in early and medieval Christian thought. First, it looks at the patristic critique of wealth and market prices and shows that such critique was rooted in a concern with a disordered world. Next, it moves on to medieval just price theory and particularly the value theory of Franciscan theologian Peter of John Olivi (1247/8-1298). While Olivi's legacy in the history of economic thought is well known, the problem of value as such has not been theologically analyzed. By relating Olivi's concept of value to the older patristic critique of wealth, the article sheds new light on the problem of value: the historical treatment of market prices has cosmological and theological implications. This way, the article contributes to theological and historical analyses of the relationship between the Christian tradition and the market economy.