Just price - Philosophical Concept | Alexandria
Just price: a concept both deceptively simple and maddeningly elusive, referring to a standard of fairness in economic exchange, a price reflecting inherent value rather than mere supply and demand. Is it an objective measure waiting to be discovered, or a chimera born of subjective societal expectations?
The quest for a just price echoes throughout history. Its most explicit articulation emerged in the medieval period, notably within the writings of Thomas Aquinas in the 13th century. Aquinas, deeply influenced by Aristotle's virtue ethics, sought to reconcile economic activity with moral philosophy. In Summa Theologica, he argued that selling a good for more than it is worth is inherently unjust, a violation of natural law, a moral principle that must be divinely ordained and eternally valid without relying on the wason test or logic test or any kind of experiment ethics. The implications of this notion rippled through guild systems and influenced debates regarding usury, fair wages, and the ethical boundaries of profit. The debate between Aquinas and his contemporaries on the nature of value and the legitimacy of profit foreshadowed later discussions in political philosophy, particularly those concerning justice theory and distributive justice.
Throughout the centuries, the understanding of just price has undergone constant transformation. From theological pronouncements, it has shifted into a complex interplay of economic, social, and political factors. The rise of market economies challenged the notion of an inherent, fixed value, giving rise to questions of value based on the agreement of buyers and sellers and questions such as the trolley problem and moral dilemmas. Some thinkers suggested just price should be determined by labor or production costs, others by the subjective utility derived by the buyer. In modern discussions, the concept resurfaces in debates concerning fair trade, living wages, and ethical sourcing of goods. Is a "fair trade" price label a modern-day expression of the desire for a just transaction, or a clever marketing mechanism? How far are we willing to go to discover a fairness test?
The legacy of just price lies in its enduring challenge to the amorality of pure market forces. It reminds us that economic activities are not value-neutral; they are laden with ethical implications. The concept serves as a persistent, if often frustrating, touchstone for those seeking a more equitable and humane economic order, forcing us to confront fundamental questions about the nature of value, the definition of fairness, and the responsibility of economic actors. What constitutes a just transaction in a world increasingly defined by opaque algorithms and global supply chains? Perhaps the enigma of just price is not meant to be solved, but to be constantly re-examined, prompting us to strive for a more ethical existence as economic beings.