Just price

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Community · Tomás de Mercado

Summary

The just price is a theory of ethics in economics that attempts to set standards of fairness in transactions.

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core economic concept in his writings
Lessius refined the concept of the just price by emphasizing market conditions and common estimation rather than purely intrinsic costs.
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theological and economic concept applied by the author
Mercado applied the concept of the 'just price' to evaluate the morality of market transactions and merchant profits in the 16th century.
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economic concept analyzed by the author
Medina contributed to the scholastic debate on the 'just price' of goods, arguing that market conditions and common estimation should determine value.
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economic theory developed within his school
Báñez and his contemporaries at Salamanca refined the concept of the just price, arguing it should be determined by market conditions rather than arbitrary authority.
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theological and economic framework for market exchange
Scholastic thinkers debated the 'just price' as a moral standard for transactions, which evolved into the concept of market-clearing prices in competitive conditions.
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Facts