Routledge Dictionary of Economics, Second Edition
The price giving labourers a just recompense and in the estimation of buyers and sellers, or of magistrates with price-fixing powers, is fair. This approach to price theory was central to the economic thinking of AQUINAS and his contemporaries.
It contains elements of both the LABOUR THEORY OF VALUE and the concept of UTILITY.
References
Demant, V.A. (ed.) (1930) The Just Price: An Outline of the Mediaeval Doctrine and an Examination of its Possible Equivalent Today, London: Student Christian Movement.
Hollander, S. (1965) ‘On the interpretation of the just price’, Kyklos 18:615–34.
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