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A Short History of the “Just Price” Controversy in the XII-th and XIII-th Centuries


  • Andreas Stamate

    () (Department of International Business and Economics, Bucharest Academy of Economic Studies, Romania)


This paper analyzes the contributions of some of the pre-scholastic and scholastic writers on the doctrine of the “just price”. According to their perspective it is difficult to establish an objective method for discovering the “just price” of goods on the market. On the contrary, they portrayed a theory in which the only instance that ultimately determines the price of goods is the subjective evaluations of those involved in the process of buying and selling. Moreover, the “justice” of an exchange of goods or price, results directly from the absence of fraud or violence. Therefore, a price is “just” if it is voluntarily set and accepted by parties.

Suggested Citation

  • Andreas Stamate, 2011. "A Short History of the “Just Price” Controversy in the XII-th and XIII-th Centuries," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 14(39), pages 257-270, March.
  • Handle: RePEc:rej:journl:v:14:y:2011:i:39:p:257-270

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    Cited by:

    1. Andreas Stamate, 2011. "An Economic Interpretation Of Neoclassical Monopoly Theory In The Light Of Austrian School," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(13), pages 1-36.

    More about this item


    just price; scholastics; morality; marginal; subjective;

    JEL classification:

    • B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian


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