Is there such a thing called 'just price'? A pricing level that has a moral dimension, which does not include excessive profiteering. Long ago in the 13th century, that's what philosophers thought when religion was so prevalent in the local culture. The elements of Christianity and 'sin' went beyond what was obvious which is politics to a more hidden dimension - economics. A 'just' price should include some form of profit that should not be excessive because avarice is considered a sin.
A very interesting take indeed.
One could almost see how religion was treated as a true cornerstone of the society especially to settle the dispute of different opinions. The common ideology was that if we can't decide which one of us is right, then let religion decide what is the common good for mankind.
Pros and cons. While I understand the noble intention of religion but in reality, it's much more complicated than that. Some economists believe that the society itself will determine the 'just' price. If the price level was too high, people will automatically stop buying thus forcing it to come down. So if left to society's own antics and decision, even the participants of economies follow the principle of Darwin - the survival of the fittest, which in this case - is the survival of the richest. Because once the price level is set, anyone who falls below that 'affordability' level will not be able to enjoy the product and/or service.
Something to really consider when setting the price for 'common good' products no? Think medication, think eco-solutions, think education, think health care, think water, think electricity. Only if you come from X level of income background would you then be able to enjoy basic necessities, better education and health services and even to a certain extent, eco solutions.
No right, no wrong. But a very interesting perspective. Thoughts?
A very interesting take indeed.
One could almost see how religion was treated as a true cornerstone of the society especially to settle the dispute of different opinions. The common ideology was that if we can't decide which one of us is right, then let religion decide what is the common good for mankind.
Pros and cons. While I understand the noble intention of religion but in reality, it's much more complicated than that. Some economists believe that the society itself will determine the 'just' price. If the price level was too high, people will automatically stop buying thus forcing it to come down. So if left to society's own antics and decision, even the participants of economies follow the principle of Darwin - the survival of the fittest, which in this case - is the survival of the richest. Because once the price level is set, anyone who falls below that 'affordability' level will not be able to enjoy the product and/or service.
Something to really consider when setting the price for 'common good' products no? Think medication, think eco-solutions, think education, think health care, think water, think electricity. Only if you come from X level of income background would you then be able to enjoy basic necessities, better education and health services and even to a certain extent, eco solutions.
No right, no wrong. But a very interesting perspective. Thoughts?
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