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In the analysis portion of my research, I will aggregate the information from my primary and secondary sources, and my interview, in two sections. First, I will explore the normative foundations of the monastic economy; i.e. the values that monasteries committed themselves to as they relate to resource distribution, income, and expenditure. Second, I will take an objective approach to the situations within monastic economies in the middle ages, by a) seeing how well current economic models fit within the medieval economic paradigm, and b) examining the similarities and differences between monastic ideal values and the actual practice of economics in monasteries.
Normative foundations
Throughout my exploration of primary and secondary sources, and my interview, I noticed several recurring values that underpin the way monasteries understood their economy. Many of them have their foundation in more general Christian theology and ethics, and many are directly connected to the principles of the ancient regulas of St. Augustine, St. Benedict, or others.
The most important notion in the monastery is that of poverty. No monk possesses anything himself. This fact alone makes monasteries unlike almost any other economic system, and certainly very foreign to the modern economy. This poverty is understood as individual, not corporate; the secondary sources I read make it clear that monasteries as institutions collected property, and used it for a variety of purposes. The monastic ideal, however, is to provide for their monks and their community, and, with a spirit of hospitality, have enough to be able to provide to the poor and stranger. The motivation for corporate, not individual possessions are deep; in the Acts of the Apostles (4:32,35), "all things" are held "in common" and distributed "to each one according to each one's need". The idea of poverty is also intended to drive humility, and to allow one to be humble before God. In this way it classically follows in the tradition of Christian poverty and humility stretching back to the earliest teachings of Jesus. The emphasis on humility may be contrasted with the great powers and privileges enjoyed by many of the abbots, in control of vast amounts of land, and the wealth that came with it.
Along with poverty, the evangelical counsel of obedience is a pillar of the monastic economic system. Decision-making is highly centralized, and vested almost exclusively in the abbot. Abbots and their chosen appointees are the only ones who distribute resources and manage affairs with the outside world. Unlike a secular planned economy, the obedience of the monastery is completely voluntary, and of spiritual necessity for the monks, incentivizing cooperation with obedience in a powerful way. In the monastery, there is also an obedience to the community as a whole; the common good is subordinated to individual desires. In the Rule of St. Augustine, the focus on the common good is designed to increase the virtue of charity, since love is not self-seeking (1 Cor 13:5). Therefore, labor done for the community is seen as a spiritual act, which motivates it in ways outside of the standard modern economic paradigm.
Another value which provides a foundation to monastic economics is the view of the human person, which I discussed at length with Fr. Paddy. In monasticism, the primary goal is spiritual, not material, and the purpose of the economy is not for itself, but to facilitate the spiritual work of the monastery. The actions of the economy are driven by this spiritual understanding of the world, and thus the incentives for virtuous economic behavior are strong. Additionally, labor within the monastery is not seen as burdensome, but as a participation in shared community life. As St. Benedict wrote, it serves to make "true monks".
Economic practice
Concepts and modeling
As a component of my research, I sought to relate monastic economic practices to the concepts and models I have so far learned in my economics courses.
As economic agents, the presence of monasteries boosted both supply and demand in an economy. Since monasteries need certain items they cannot produce themselves, which could be anything as diverse as food, metal, stones, incense, and more, there is an increased demand for certain items. Monasteries also supply many goods, primarily agricultural and foodstuff, so the supply of these goods increases.
My secondary source, "Monastic Economics in the Carolingian Age", observed that goods connected to monasteries (sold by them and to them) would be sold for below their market value, and that monasteries would provide ample resources for the poor and hungry, especially in times of famine. By selling goods below market value, the sellers are creating a surplus benefit to the monasteries to their loss. Traditional economic theory does not account for this discounting, but it is motivated by the spiritual nature of the monastery. Alternative motivations for economic behavior is studied in the field of behavioral economics. Among other things, behavioral economic states that individuals exhibit patterns based on non-traditional economic factors, such as fairness. This would be exemplified by producers which sell to monasteries at a lower-than-market rate out of a sense of justice.
The monastic practice of public service, which we saw in the Carolingian Empire as a mandate to the monks from the emperor, increases the positive externalities of the monastery in a way which is not accounted for in a typical market. By supplying the public, especially the poor, with resources beyond what supply and demand would dictate, a positive externality is generated, which increases the social benefit of the monastery.
Some monasteries supply valuable resources to the local economy that cannot be found elsewhere, especially in small villages. Examples include wind mills and salt pans, usually places which require organized infrastructure to operate. In these instances, monasteries act as monopolies in these industries. If the monasteries are motivated by spiritual means, they may act like a modern day public monopoly, which sets its prices so as not to create any economic profit and benefit the general public.
Fig. 1: The supply and demand of general goods in an economy will increase if a monastery is established, increasing overall economic quantities. Subscript 1 represents time before the monastery; subscript 2 is after the monastery.
Fig. 2: Goods sold at a discount give extra surplus to the consumer (yellow), in addition to the surplus they already have (light orange). This is done to the financial detriment of the monastery.
Differences between values and practice
Several of my sources revealed or commented on the frequency of the tension between holding a vow of poverty and a large quantity of wealth or resources. In Jocelin of Brakelond's account, he frequently notes the ways in which monks and abbots became self-interested, powerful, entitled, or in conflict with one another. Both Burton and Devroey noted that some monasteries came into possession of immense quantities of land, sometimes becoming the wealthiest centers in their regions, and noted that vows of poverty were understood through an individual, not a corporate lens. Still, when abbots are in command of a monastery, and monasteries have immense wealth, to what extent can we say that abbots thus have immense wealth as well? Certainly the abbots described by Jocelin of Brakelond acted as though they possessed their own land, and Devroey observes that the Carolingians invited "Church elite" into their royal councils and decision-making process. English abbots at Bury St. Edmonds were considered valuable members of the King's councils. In my interview with Father Paddy, he noted that the vow of poverty is intended to relinquish power, control, and domination over others; many practices I have encountered in this project seem to exercise those characteristics through their control of land and monks. Raftis noted that reformers, such as the Cistercians, sprang up after the development of large treasuries and administrations within Benedictine monasteries, which some viewed as becoming greedy and corrupt, contrary to their vow of poverty.
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