Thomas Aquinas
"Just" Price

The idea of "just" price was first concieved by Thomas Aquinas. He thought that prices should reflect only the amount of labor required to create the product being sold. Guilds later regulated these "just" prices so that their members could make a profit but not an unfair one and so that all of their members would recieve equal business. These measures helped support growing commerce; people are more likely to buy goods if they are cheaper and if they feel they're not being cheated by a high price.

by: Hampton Webb - 10/22/08

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