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Scholastic just price versus current market price: is it merely a matter of labelling?

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  • Fabio Monsalve

Abstract

From an analytical point of view, some aspects of Just Price theory, probably the most famous and lasting scholastic concept, remain controversial: the cost-of-production versus the subjective-utility theory of value is a main controversy as well as the question of whether the natural just price is conceptually the same as the current market price. Strictly speaking, just price isconceptually the same as the current market price. Of concern is whether the meaning behind the label is the same in both scholastic and liberal traditions. There are different interpretations among scholars. One is that the just price is merely the current market price, and common estimation plays the same role as market forces in a competitive context. Another group states that the just price is quite different from the market price; the fundamental reason is that the ethical framework of the scholastic paradigm sets a corpus of principles that greatly differs from the neoclassical homo economicus. Is it possible to speak of a collaborative market price (scholastic tradition) and competitive market price (liberal tradition)? This article tries to dig into such debate and reflects on the morality of the market price.

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  • Fabio Monsalve, 2014. "Scholastic just price versus current market price: is it merely a matter of labelling?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 21(1), pages 4-20, February.
    • Handle: RePEc:taf:eujhet:v:21:y:2014:i:1:p:4-20
    DOI: 10.1080/09672567.2012.683019
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    1. Murray N. Rothbard, 1995. "Economic Thought Before Adam Smith," Books, Edward Elgar Publishing, number 377.
    2. Barry Gordon, 1975. "Economic Analysis before Adam Smith," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-02116-1.
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    Cited by:

    1. Lambert, Thomas, 2019. "Bankers as Immoral? The Parallels between Aquinas’s Views on Usury and Marxian Views of Banking and Credit," MPRA Paper 97741, University Library of Munich, Germany.
    2. Pierre Januard, 2021. "Analysis risk and commercial risk: the first treatment of usury in Thomas Aquinas’s Commentary on the Sentences," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 28(4), pages 599-634, July.
    3. Pierre Januard, 2022. "Probability, prudence, danger: Thomas Aquinas on the building of the lexicon of risk," Working Papers halshs-03787210, HAL.
    4. Fernando Hernández Fradejas, 2015. "Liberal Economics in Spain," Econ Journal Watch, Econ Journal Watch, vol. 12(2), pages 221–232-2, May.
    5. Pierre Januard, 2022. "Risky exchanges: price and justice in Thomas Aquinas’s De emptione et venditione ad tempus," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 29(4), pages 729-769, July.
    6. Timothy C. Johnson, 2013. "Reciprocity as the foundation of Financial Economics," Papers 1310.2798, arXiv.org.
    7. Pierre Januard, 2022. "Risks on Trade: The Activity of the Merchant in Thomas Aquinas's Commentary on the Sentences," Post-Print halshs-03515973, HAL.
    8. Timothy Johnson, 2015. "Reciprocity as a Foundation of Financial Economics," Journal of Business Ethics, Springer, vol. 131(1), pages 43-67, September.
    9. 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.
    10. Pierre Januard, 2022. "At the Boundaries of the Trading Sphere: The Appearance of the 'Just Price' in Thomas Aquinas's Commentary on the Sentences," Working Papers halshs-03658417, HAL.
    11. Pierre Januard, 2022. "Licit and illicit risks in Thomas Aquinas's De emptione et venditione ad tempus [Risques licites et illicites dans le De emptione et venditione ad tempus de Thomas d'Aquin]," Working Papers halshs-03559035, HAL.
    12. Januard, Pierre, 2024. "Probability, prudence, danger: Thomas Aquinas on the building of the lexicon of risk," SocArXiv n7j9t, Center for Open Science.
    13. Timothy C. Johnson, 2012. "Ethics and Finance: the role of mathematics," Papers 1210.5390, arXiv.org.
    14. Pierre Januard, 2022. "Licit and illicit risks in Thomas Aquinas's De emptione et venditione ad tempus [Risques licites et illicites dans le De emptione et venditione ad tempus de Thomas d'Aquin]," Post-Print halshs-03559035, HAL.
    15. Nathan Chubaka Mushagalusa & Eddy Balemba Kanyurhi & Deogratias Bugandwa Mungu Akonkwa & Patrick Murhula Cubaka, 2022. "Measuring price fairness and its impact on consumers’ trust and switching intentions in microfinance institutions," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 27(2), pages 111-135, June.

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