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The Just Price as the Price Obtainable in an Open Market

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  • Juan Elegido

Abstract

This article argues that the price obtainable in an open market provides the best standard for determining the justice or injustice of the price of a product. The article argues that this standard, which is closely related to positions which have been held for hundreds of years, is superior to several alternative conceptions of the just price that have been put forward in recent years and is not subject to fundamental criticisms which can be addressed to them. The article also shows how this standard is grounded in more fundamental principles of justice such as desert and equality. Copyright Springer Science+Business Media Dordrecht 2015

Suggested Citation

  • Juan Elegido, 2015. "The Just Price as the Price Obtainable in an Open Market," Journal of Business Ethics, Springer, vol. 130(3), pages 557-572, September.
    • Handle: RePEc:kap:jbuset:v:130:y:2015:i:3:p:557-572
    DOI: 10.1007/s10551-014-2240-6
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    References listed on IDEAS

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    1. de Roover, Raymond, 1958. "The Concept of the Just Price: Theory and Economic Policy," The Journal of Economic History, Cambridge University Press, vol. 18(4), pages 418-434, December.
    2. Snyder, Jeremy, 2009. "Efficiency, Equity, and Price Gouging: A Response to Zwolinski," Business Ethics Quarterly, Cambridge University Press, vol. 19(2), pages 303-306, April.
    3. Ephraim Kleiman, 1987. "‘Just price’ in Talmudic Literature," History of Political Economy, Duke University Press, vol. 19(1), pages 23-45, Spring.
    4. Zwolinski, Matt, 2008. "The Ethics of Price Gouging," Business Ethics Quarterly, Cambridge University Press, vol. 18(3), pages 347-378, July.
    5. Baumol, William J, 1982. "Contestable Markets: An Uprising in the Theory of Industry Structure," American Economic Review, American Economic Association, vol. 72(1), pages 1-15, March.
    6. Elegido, Juan M., 2011. "The Ethics of Price Discrimination," Business Ethics Quarterly, Cambridge University Press, vol. 21(4), pages 633-660, October.
    7. Snyder, Jeremy, 2010. "Exploitation and Sweatshop Labor: Perspectives and Issues," Business Ethics Quarterly, Cambridge University Press, vol. 20(2), pages 187-213, April.
    8. Koehn, Daryl & Wilbratte, Barry, 2012. "A Defense of a Thomistic Concept of the Just Price," Business Ethics Quarterly, Cambridge University Press, vol. 22(3), pages 501-526, July.
    9. Juan Elegido, 2009. "The Just Price: Three Insights from the Salamanca School," Journal of Business Ethics, Springer, vol. 90(1), pages 29-46, November.
    10. Maitland, Ian, 2002. "Priceless Goods: How Should Life-Saving Drugs be Priced?," Business Ethics Quarterly, Cambridge University Press, vol. 12(4), pages 451-480, October.
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    Cited by:

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    2. Jerod Coker & Jean-Manuel Izaret, 2021. "Progressive Pricing: The Ethical Case for Price Personalization," Journal of Business Ethics, Springer, vol. 173(2), pages 387-398, October.
    3. Antonio Díaz & Francisco Jareño & Eliseo Navarro, 2022. "Yield curve data choice and potential moral hazard: An empirical exercise on pricing callable bonds," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 2124-2145, April.
    4. Peter Seele & Claus Dierksmeier & Reto Hofstetter & Mario D. Schultz, 2021. "Mapping the Ethicality of Algorithmic Pricing: A Review of Dynamic and Personalized Pricing," Journal of Business Ethics, Springer, vol. 170(4), pages 697-719, May.
    5. Guli-Sanam Karimova & Nils Christian Hoffmann & Ludger Heidbrink & Stefan Hoffmann, 2020. "Virtue Ethics Between East and West in Consumer Research: Review, Synthesis and Directions for Future Research," Journal of Business Ethics, Springer, vol. 165(2), pages 255-275, August.
    6. Ben Wempe & Jeff Frooman, 2018. "Reframing the Moral Limits of Markets Debate: Social Domains, Values, Allocation Methods," Journal of Business Ethics, Springer, vol. 153(1), pages 1-15, November.

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