IDEAS home Printed from https://ideas.repec.org/a/kap/jbuset/v130y2015i3p557-572.html
   My bibliography  Save this article

The Just Price as the Price Obtainable in an Open Market

Author

Listed:
  • Juan Elegido

Abstract

This article argues that the price obtainable in an open market provides the best standard for determining the justice or injustice of the price of a product. The article argues that this standard, which is closely related to positions which have been held for hundreds of years, is superior to several alternative conceptions of the just price that have been put forward in recent years and is not subject to fundamental criticisms which can be addressed to them. The article also shows how this standard is grounded in more fundamental principles of justice such as desert and equality. Copyright Springer Science+Business Media Dordrecht 2015

Suggested Citation

  • Juan Elegido, 2015. "The Just Price as the Price Obtainable in an Open Market," Journal of Business Ethics, Springer, vol. 130(3), pages 557-572, September.
    • Handle: RePEc:kap:jbuset:v:130:y:2015:i:3:p:557-572
    DOI: 10.1007/s10551-014-2240-6
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s10551-014-2240-6
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s10551-014-2240-6?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Baumol, William J, 1982. "Contestable Markets: An Uprising in the Theory of Industry Structure," American Economic Review, American Economic Association, vol. 72(1), pages 1-15, March.
    2. Juan Elegido, 2009. "The Just Price: Three Insights from the Salamanca School," Journal of Business Ethics, Springer, vol. 90(1), pages 29-46, November.
    3. Snyder, Jeremy, 2009. "Efficiency, Equity, and Price Gouging: A Response to Zwolinski," Business Ethics Quarterly, Cambridge University Press, vol. 19(2), pages 303-306, April.
    4. Zwolinski, Matt, 2008. "The Ethics of Price Gouging," Business Ethics Quarterly, Cambridge University Press, vol. 18(3), pages 347-378, July.
    5. Koehn, Daryl & Wilbratte, Barry, 2012. "A Defense of a Thomistic Concept of the Just Price," Business Ethics Quarterly, Cambridge University Press, vol. 22(3), pages 501-526, July.
    6. Maitland, Ian, 2002. "Priceless Goods: How Should Life-Saving Drugs be Priced?," Business Ethics Quarterly, Cambridge University Press, vol. 12(4), pages 451-480, October.
    7. de Roover, Raymond, 1958. "The Concept of the Just Price: Theory and Economic Policy," The Journal of Economic History, Cambridge University Press, vol. 18(4), pages 418-434, December.
    8. Ephraim Kleiman, 1987. "‘Just price’ in Talmudic Literature," History of Political Economy, Duke University Press, vol. 19(1), pages 23-45, Spring.
    9. Elegido, Juan M., 2011. "The Ethics of Price Discrimination," Business Ethics Quarterly, Cambridge University Press, vol. 21(4), pages 633-660, October.
    10. Snyder, Jeremy, 2010. "Exploitation and Sweatshop Labor: Perspectives and Issues," Business Ethics Quarterly, Cambridge University Press, vol. 20(2), pages 187-213, April.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. James J. Angel & Douglas M. McCabe, 2018. "Insider Trading 2.0? The Ethics of Information Sales," Journal of Business Ethics, Springer, vol. 147(4), pages 747-760, February.
    2. Jerod Coker & Jean-Manuel Izaret, 2021. "Progressive Pricing: The Ethical Case for Price Personalization," Journal of Business Ethics, Springer, vol. 173(2), pages 387-398, October.
    3. Antonio Díaz & Francisco Jareño & Eliseo Navarro, 2022. "Yield curve data choice and potential moral hazard: An empirical exercise on pricing callable bonds," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 2124-2145, April.
    4. Ben Wempe & Jeff Frooman, 2018. "Reframing the Moral Limits of Markets Debate: Social Domains, Values, Allocation Methods," Journal of Business Ethics, Springer, vol. 153(1), pages 1-15, November.
    5. Peter Seele & Claus Dierksmeier & Reto Hofstetter & Mario D. Schultz, 2021. "Mapping the Ethicality of Algorithmic Pricing: A Review of Dynamic and Personalized Pricing," Journal of Business Ethics, Springer, vol. 170(4), pages 697-719, May.
    6. Guli-Sanam Karimova & Nils Christian Hoffmann & Ludger Heidbrink & Stefan Hoffmann, 2020. "Virtue Ethics Between East and West in Consumer Research: Review, Synthesis and Directions for Future Research," Journal of Business Ethics, Springer, vol. 165(2), pages 255-275, August.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Nunan, Daniel & Di Domenico, MariaLaura, 2022. "Value creation in an algorithmic world: Towards an ethics of dynamic pricing," Journal of Business Research, Elsevier, vol. 150(C), pages 451-460.
    2. Juan Elegido, 2009. "The Just Price: Three Insights from the Salamanca School," Journal of Business Ethics, Springer, vol. 90(1), pages 29-46, November.
    3. Jerod Coker & Jean-Manuel Izaret, 2021. "Progressive Pricing: The Ethical Case for Price Personalization," Journal of Business Ethics, Springer, vol. 173(2), pages 387-398, October.
    4. William A. Jackson, 2024. "The Ethics of Price Variation," Forum for Social Economics, Taylor & Francis Journals, vol. 53(2), pages 201-215, April.
    5. Tae Wan Kim, 2018. "Gamification of Labor and the Charge of Exploitation," Journal of Business Ethics, Springer, vol. 152(1), pages 27-39, September.
    6. Peter Seele & Claus Dierksmeier & Reto Hofstetter & Mario D. Schultz, 2021. "Mapping the Ethicality of Algorithmic Pricing: A Review of Dynamic and Personalized Pricing," Journal of Business Ethics, Springer, vol. 170(4), pages 697-719, May.
    7. Pierre Januard, 2022. "Risky exchanges: price and justice in Thomas Aquinas’s De emptione et venditione ad tempus," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 29(4), pages 729-769, July.
    8. Pierre Januard, 2022. "Probability, prudence, danger: Thomas Aquinas on the building of the lexicon of risk," Working Papers halshs-03787210, HAL.
    9. Pierre Januard, 2022. "Licit and illicit risks in Thomas Aquinas's De emptione et venditione ad tempus [Risques licites et illicites dans le De emptione et venditione ad tempus de Thomas d'Aquin]," Working Papers halshs-03559035, HAL.
    10. Benjamin Powell & Matt Zwolinski, 2012. "The Ethical and Economic Case Against Sweatshop Labor: A Critical Assessment," Journal of Business Ethics, Springer, vol. 107(4), pages 449-472, June.
    11. Ilan Noy & Shakked Noy, 2016. "The Ethical Content of the Economic Analysis of Disasters: Price Gouging and Post-Disaster Recovery," CESifo Working Paper Series 6253, CESifo.
    12. João Neves & Domènec Melé, 2013. "Managing Ethically Cultural Diversity: Learning from Thomas Aquinas," Journal of Business Ethics, Springer, vol. 116(4), pages 769-780, September.
    13. Marion Maignan, 2014. "Innovation sociale et formation du prix juste au sein d’une filière courte alimentaire. Le cas de la SCIC Alter-Conso," Post-Print halshs-01468435, HAL.
    14. Pierre Januard, 2022. "Licit and illicit risks in Thomas Aquinas's De emptione et venditione ad tempus [Risques licites et illicites dans le De emptione et venditione ad tempus de Thomas d'Aquin]," Post-Print halshs-03559035, HAL.
    15. Januard, Pierre, 2024. "Probability, prudence, danger: Thomas Aquinas on the building of the lexicon of risk," SocArXiv n7j9t, Center for Open Science.
    16. Travis Timmerman & Abe Zakhem, 2021. "Sweatshops and Free Action: The Stakes of the Actualism/Possibilism Debate for Business Ethics," Journal of Business Ethics, Springer, vol. 171(4), pages 683-694, July.
    17. Domènec Melé, 2016. "Re-thinking Capitalism: What We can Learn from Scholasticism?," Journal of Business Ethics, Springer, vol. 133(2), pages 293-304, January.
    18. Pierre Januard, 2022. "Risks on Trade: The Activity of the Merchant in Thomas Aquinas's Commentary on the Sentences," Working Papers halshs-03313255, HAL.
    19. Gregorio Guitián & Alejo José G. Sison, 2023. "Offshore Outsourcing from a Catholic Social Teaching Perspective," Journal of Business Ethics, Springer, vol. 185(3), pages 595-609, July.
    20. Pierre Januard, 2022. "At the Boundaries of the Trading Sphere: The Appearance of the 'Just Price' in Thomas Aquinas's Commentary on the Sentences," Working Papers halshs-03658417, HAL.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:jbuset:v:130:y:2015:i:3:p:557-572. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.