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The Political Economy of the Just Price: What the School of Salamanca Has To Say in the Age of Corruption

Author

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  • Vergés Josep C.

    (Institut d’Estudis Catalans)

Abstract

La tradition éthique en économie politique a été régénérée par l'Ecole de Salamanque, mais nous ne sommes pas habitués à associer le libéralisme aux scholastiques qui avaient élaboré une théorie du juste prix de validité universelle. Le marché a perdu sa dimension morale avec le rationalisme et, non dans une moindre mesure, à travers le biais religieux de la théorie de la valeur travail. Quand elle fut redécouverte en tant qu'origine véritable de la valeur, l'utilité ne recouvrit pas sa portée morale, en raison du traitement mathématique qu'on lui réserva. Le rationalisme a supprimé toute conception d'évolution sociale en même temps qu'il a favorisé l'intervention. Cependant, dans cette ère de corruption, un retour à l'acception de sens commun des prix requiert, selon l'auteur, le franchissement d'une étape supplémentaire, celui de maintenir l'ancrage éthique du juste prix ou du prix du marché.The ethical tradition in political economy was regenerated by the School of Salamanca, but we are not used to associating liberalism with these Scholastics who built a theory of the just price with universal validity. The market lost its moral dimension with rationalism, not least through the religious bias of the labor theory of value. When rediscovered as the correct source of value, utility did not regain its former moral significance because of mathematical treatment. Rationalism has suppressed any concept of social evolution while promoting intervention, but, in the age of corruption, a return to the common sense of prices, the author argues, requires the further step of upholding the ethical standards of the just price or market price.

Suggested Citation

  • Vergés Josep C., 2000. "The Political Economy of the Just Price: What the School of Salamanca Has To Say in the Age of Corruption," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 10(2), pages 1-33, June.
    • Handle: RePEc:bpj:jeehcn:v:10:y:2000:i:2:n:2
    DOI: 10.2202/1145-6396.1148
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