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Just Price in the Markets - A History
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Just Price in the Markets - A History
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A concise history of “just price,” from Aristotle to the
present day The question of what constitutes a fair price
has been at the center of market interactions since the time of
Aristotle. Should a seller sell to the highest bidder, or is there
some other standard, such as a morally defined price, to be
applied? Charles R. Geisst traces the ways that philosophers,
religious leaders, and economists have sought to answer that
question, from antiquity through the modern era.
Aristotle’s thinking on usury influenced the idea of pricing well
into the Renaissance. In his view, money was barren and should not
be used to beget more money. As trade became more extensive, the
strictures placed on pricing by Aristotelian thinking began to fall
away, replaced by Roman and common-law conceptions of value and
interest. Geisst’s book follows the evolution of that
thought—influenced along the way by figures such as Copernicus,
Fibonacci, Adam Smith, Marx, Cassel, and Keynes—and charts
parallel developments in European and Islamic notions of fair
pricing. Today, pricing is seen as an economic
inevitability, dictated by the laws of supply and demand. But this
has not always been the case. As Geisst argues, the idea of a just
price was once a moral concept, long before it was an economic one.
General
Imprint: |
Yale University Press
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Country of origin: |
United States |
Release date: |
October 2023 |
Authors: |
Charles R Geisst
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Dimensions: |
235 x 156mm (L x W) |
Pages: |
280 |
ISBN-13: |
978-0-300-26833-1 |
Categories: |
Books
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LSN: |
0-300-26833-5 |
Barcode: |
9780300268331 |
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