Many commentators have accused Aquinas of committing either a formal or an informal fallacy in his Third Way argument. I believe it is possible to revise the Third Way argument so as to avoid such errors. I here present a revision of the first part of the Third Way that is (a) immune to the objections most commonly raised against it, (b) consonant with the basic tenets of Thomism, and (c) plausible from a contemporary point of view.

Friedrich Hayek’s defense of neoliberal free market capitalism hinges on the distinction between economies and catallaxies. The former are orders instituted via planning, whereas the latter are spontaneous competitive orders resulting from human action without human design. I argue that this distinction is based on an incomplete semantic history of “economy.” By looking at the meaning of “oikonomia” in medieval providential theology as explained by Giorgio Agamben and Joseph Vogl, I argue how Hayek’s science of catallactics is itself a secularization (...) of providential theology. This exposes Hayek to three criticisms: he unjustifiably neglects the possibility of tendencies toward spontaneous disorder in free markets, he condemns the “losers” of neoliberal competition to being providential waste on the road to general prosperity, and he imposes on people the duty to consent to a neoliberal order that hinders them from cultivating their inoperativity. (shrink)