The Just Price in Juan de Lugo: Translation, Scholastic Analysis, and Dialogue with Modern Economic Theory
history of economic thought; scholastic economics; the just price; Juan de Lugo; modern economic theory
This dissertation examines the scholastic concept of the just price as formulated by Juan de Lugo. The work includes an original translation of the section in which the author develops this concept, as well as an analysis of it, its foundations, and its applications, highlighting similarities and differences with modern conceptions in economic theory. It is argued that the foundation of the just price in Juan de Lugo is the common estimation of utility in order to human uses, considering all relevant circumstances, differing from theories of price formation based on costs of production and from the identification of intrinsic value with the economic value of a good. Several factors influencing the just price are examined, with particular emphasis on the quantity of the good sold. Finally, some applications of the theory are presented, such as the cases of auctions and of singular goods for which no market exists.