Biography
A Franciscan and theological author, born at Sérignan, Diocese of Béziers, 1248-9. At twelve he entered the Friars Minor at Béziers, and later took the baccalaureate at Paris. Returning to his native province, he soon distinguished himself by his strict observance of the rule and his theological knowledge.
When Nicholas III prepared his Bull "Exiit Qui Seminat" (1279), Olivi, then at Rome, was asked to express his opinion with regard to Franciscan poverty (usus pauper). Unfortunately there was then in the convents of Provence a controversy about the stricter or laxer observance of the rule. Olivi soon became the principal spokesman of the rigorists, and met with strong opposition on the part of the community. At the General Chapter of Strasburg in 1282 he was accused of heresy, and henceforward almost every general chapter concerned itself with him. His doctrine was examined by seven friars, graduates of the Sorbonne University of Paris (see Anal. Franc., III, 374-75), and censured in thirty-four propositions, whereupon his writings were confiscated in 1283.
Olivi cleverly defended himself in several responses (1283–85), and finally the General Chapter of Montpellier (1287) decided in his favour. The new general superior, Matthew of Aquasparta, sent him as lector in theology to the convent of Santa Croce in Florence, whence Matthew's successor, Raymond Gaufredi, sent him as lector to Montpellier. At the General Chapter of Paris in 1292 Olivi again gave explanations, which were apparently satisfactory. He spent his last years in the convent of Narbonne and died, surrounded by his friends, after an earnest profession of his Catholic Faith (published by Wadding ad a. 1297, n. 33) on 14 March 1298.
Olivi's work On Sale, Purchase, Usury and Restitution contains a subtle discussion of the pricing of risks and probabilities in connection with valuing compensation due for compulsory requisitioning of property.
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