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

Listed author(s):
  • Vergés Josep C.

    (Institut d’Estudis Catalans)

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    La tradition éthique en économie politique a été régénérée par lEcole 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 quorigine véritable de la valeur, lutilité ne recouvrit pas sa portée morale, en raison du traitement mathématique quon lui réserva. Le rationalisme a supprimé toute conception dévolution sociale en même temps quil a favorisé lintervention. Cependant, dans cette ère de corruption, un retour à lacception de sens commun des prix requiert, selon lauteur, le franchissement dune étape supplémentaire, celui de maintenir lancrage 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.

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    Article provided by De Gruyter in its journal Journal des Economistes et des Etudes Humaines.

    Volume (Year): 10 (2000)
    Issue (Month): 2 (June)
    Pages: 1-33

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    Handle: RePEc:bpj:jeehcn:v:10:y:2000:i:2:n:2
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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(04), pages 418-434, December.
    2. Raymond de Roover, 1955. "Scholastic Economics: Survival and Lasting Influence from the Sixteenth Century to Adam Smith," The Quarterly Journal of Economics, Oxford University Press, vol. 69(2), pages 161-190.
    3. Emil Kauder, 1953. "The Retarded Acceptance of the Marginal Utility Theory," The Quarterly Journal of Economics, Oxford University Press, vol. 67(4), pages 564-575.
    4. Frank H. Knight, 1934. ""The Common Sense of Political Economy" (Wicksteed Reprinted)," Journal of Political Economy, University of Chicago Press, vol. 42, pages 660-660.
    5. Giorgio Tagliacozzo, 1945. "Croce and the Nature of Economic Science," The Quarterly Journal of Economics, Oxford University Press, vol. 59(3), pages 307-329.
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