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Is a Just Price Enough?



A standard definition of a just price asserts that it is determined solely by “willing consent between buyer and seller.” This is a satisfactory prima facie definition, but its limitations are exposed in financial transactions that involve significant disparities in knowledge or power. Then it seems particularly important for a maximal definition of justice to incorporate the Golden Rule, so that a just price is “whatever amount is agreed upon by a willing buyer and a willing seller who do to the other as they would have done to them.” This article sharpens that definition through dialogue with such seminal philosophers as Thomas Aquinas, Joseph Fletcher, and Nicholas Wolterstorff, and it concludes with heuristic observations to stimulate further discovery.

Michael Wittmer, "Is Just Price Enough?" Journal of Markets & Morality 20, no. 2 (Fall 2017): 263-278

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