Misconceptions of the ‘Just Price’ WBRVvey

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Misconceptions of the ‘Just Price’

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RR Phantom

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Misconceptions of the ‘Just Price’ Vide

Subject: Misconceptions of the ‘Just Price’ Sun Sep 01, 2019 6:37 pm

What is meant by the concept of a “just price” is subject to much discussion and debate. What can be agreed on is that the “just price” is the standard for fairness in transactions. Beyond that, there are many disagreements. The origin of this concept dates back to the ancient Babylonians, but it is often associated with St. Thomas Aquinas. It was assumed in recent history that Aquinas and his successors defined the “just price” as an objective value separate from the market price, the latter being defined as the price determined by exchanges in the market. It is this misconception of the “just price” that has led to its condemnation. As soon as the market price doesn’t line up with what is seen as the “just price,” government officials declare this a market failure and use it to justify intervention through price controls and regulation. In this sense, the “just price” rightfully deserves criticism. However, this is only true under the assumption that this definition is what was always meant, which does not appear to be the case. Kishore Jayabalan of the Acton Institute clarifies much of the confusion around Aquinas and the “just price.” He states that Aquinas was arguing against fraud, and that the “just price” can be the market price when the exchange is honest. If the seller is deceptive and leaves out important information about the quality of the product, the market price is not the “just price,” because deception was involved. Jayabalan says, “For Thomas, then, the market price is the ‘just price’ if the buyer and seller are honest and not trying to take advantage of each other.” https://beinglibertarian.com/misconceptions-of-the-just-price/

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