IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/69119.html

New Wine in Old Flasks: the Just Price and Price-Controls in Jewish Law

Author

Listed:
  • Makovi, Michael

Abstract

The halakhah (Jewish law) includes legislation aiming at might be called “social justice.” These halakhot (pl.) include the laws of ona'ah and hafka'at she'arim / hayyei nefesh – roughly analogous to the famous Medieval “just price” laws – as well as legal restrictions on middlemen and speculators. In the light of modern economics, these Jewish laws, like all attempts at price-fixing, are shown to be self-defeating; the means conflict with the ends sought. The conflict between religion and science is not limited to cosmology and biology, but may include economics as well. It is proposed that the halakhah be modified in such a way as to preserve – as much as possible – the integrity of both the halakhah and economic science alike; when an ethical system makes certain scientific presuppositions, it is sometimes possible to preserve the ethical system by disentangling it from its non-essential scientific presuppositions.

Suggested Citation

  • Makovi, Michael, 2016. "New Wine in Old Flasks: the Just Price and Price-Controls in Jewish Law," MPRA Paper 69119, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:69119
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/69119/1/MPRA_paper_69119.pdf
    File Function: original version
    Download Restriction: no
    File URL: https://mpra.ub.uni-muenchen.de/69549/1/MPRA_paper_69549.pdf
    File Function: revised version
    Download Restriction: no
    File URL: https://mpra.ub.uni-muenchen.de/69832/1/MPRA_paper_69832.pdf
    File Function: revised version
    Download Restriction: no
    File URL: https://mpra.ub.uni-muenchen.de/69987/1/MPRA_paper_69987.pdf
    File Function: revised version
    Download Restriction: no
    File URL: https://mpra.ub.uni-muenchen.de/70277/1/MPRA_paper_70277.pdf
    File Function: revised version
    Download Restriction: no
    File URL: https://mpra.ub.uni-muenchen.de/72821/1/MPRA_paper_72821.pdf
    File Function: revised version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Ephraim Kleiman, 1987. "‘Just price’ in Talmudic Literature," History of Political Economy, Duke University Press, vol. 19(1), pages 23-45, Spring.
    2. Oecd, 2007. "Case Law," Nuclear Law Bulletin, OECD Publishing, vol. 2006(2), pages 37-39.
    3. George J. Stigler, 1971. "The Theory of Economic Regulation," Bell Journal of Economics, The RAND Corporation, vol. 2(1), pages 3-21, Spring.
    4. Hayek, F. A. & Caldwell, Bruce, 2007. "The Road to Serfdom," University of Chicago Press Economics Books, University of Chicago Press, number 9780226320540 edited by Caldwell, Bruce, Febrero.
    5. Gordon Tullock, 1971. "The Cost Of Transfers," Kyklos, Wiley Blackwell, vol. 24(4), pages 629-643, November.
    6. Roback, Jennifer, 1986. "The Political Economy of Segregation: The Case of Segregated Streetcars," The Journal of Economic History, Cambridge University Press, vol. 46(4), pages 893-917, December.
    7. Bryan Caplan, 2007. "Introduction to The Myth of the Rational Voter: Why Democracies Choose Bad Policies," Introductory Chapters, in: The Myth of the Rational Voter: Why Democracies Choose Bad Policies, Princeton University Press.
    8. Oecd, 2006. "Case Law," Nuclear Law Bulletin, OECD Publishing, vol. 2006(1), pages 41-46.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Dwight R. Lee & Ryan H. Murphy, 2017. "An expressive voting model of anger, hatred, harm and shame," Public Choice, Springer, vol. 173(3), pages 307-323, December.
    2. Chiţu, Livia & Eichengreen, Barry & Mehl, Arnaud, 2014. "When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets," Journal of Development Economics, Elsevier, vol. 111(C), pages 225-245.
    3. Emily Chamlee-Wright & Virgil Storr, 2010. "Expectations of government’s response to disaster," Public Choice, Springer, vol. 144(1), pages 253-274, July.
    4. Makovi, Michael, 2016. "Labor Economics in a Planned Economy: F. A. Hayek and John Jewkes on the Impossibility of Democratic Socialism," MPRA Paper 70174, University Library of Munich, Germany.
    5. Anthony J. Evans, 2016. "The unintended consequences of easy money: How access to finance impedes entrepreneurship," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 29(3), pages 233-252, September.
    6. Edward Romar, 2009. "Noble Markets: The Noble/Slave Ethic in Hayek’s Free Market Capitalism," Journal of Business Ethics, Springer, vol. 85(1), pages 57-66, March.
    7. Elert, Niklas & Henrekson, Magnus, 2017. "Entrepreneurship and Institutions: A Bidirectional Relationship," Working Paper Series 1153, Research Institute of Industrial Economics, revised 05 May 2017.
    8. repec:jpe:journl:1323 is not listed on IDEAS
    9. Timothy Johnson, 2015. "Reciprocity as a Foundation of Financial Economics," Journal of Business Ethics, Springer, vol. 131(1), pages 43-67, September.
    10. Viktor J. Vanberg, 2023. "Liberalism and democracy: legitimacy and institutional expediency," Public Choice, Springer, vol. 195(3), pages 251-268, June.
    11. William C. Mitchell, 1990. "Interest Groups: Economic Perspectives and Contributions," Journal of Theoretical Politics, , vol. 2(1), pages 85-108, January.
    12. Ravenscroft, Sue & Williams, Paul F., 2009. "Making imaginary worlds real: The case of expensing employee stock options," Accounting, Organizations and Society, Elsevier, vol. 34(6-7), pages 770-786, August.
    13. Roger D. Congleton, 2020. "Governance by true believers: supreme duties with and without totalitarianism," Constitutional Political Economy, Springer, vol. 31(1), pages 111-141, March.
    14. Ekkehard A. Köhler & Daniel Nientiedt, 2023. "Was Walter Eucken a proponent of authoritarian liberalism?," Public Choice, Springer, vol. 195(3), pages 363-376, June.
    15. Innset, Ola, 2023. "Dual Argument, Double Truth: On the continued importance of the state in neoliberal thought," SocArXiv kyvdm, Center for Open Science.
    16. Jean-Paul Azam & Elodie Djemai, 2019. "Matching, Cooperation and HIV in the Couple," Working Papers DT/2019/02, DIAL (Développement, Institutions et Mondialisation).
    17. Christian Morrisson & Philippe Cazenave, 1973. "Fonctions d'utilité interdépendantes et théorie de la redistribution en économie de production," Revue Économique, Programme National Persée, vol. 24(5), pages 725-760.
    18. Natalia Mishagina & Claude Montmarquette, 2018. "The Demand for Economic Policies, Beliefs, and Willingness-to-Pay: The Case of the Minimum Wage Policy in Quebec," CIRANO Project Reports 2018rp-14, CIRANO.
    19. Shayo, Moses & Harel, Alon, 2012. "Non-consequentialist voting," Journal of Economic Behavior & Organization, Elsevier, vol. 81(1), pages 299-313.
    20. Michael Makovi, 2015. "George Orwell as a Public Choice Economist," The American Economist, Sage Publications, vol. 60(2), pages 183-208, September.
    21. Theiss Bendixen, 2020. "How cultural evolution can inform the science of science communication—and vice versa," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 7(1), pages 1-10, December.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
    • D00 - Microeconomics - - General - - - General
    • K20 - Law and Economics - - Regulation and Business Law - - - General
    • P00 - Political Economy and Comparative Economic Systems - - General - - - General
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:69119. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.