Between Free Markets and a Planned Economy
Prices and their regulation in the Talmud
Publication date: 01/03/1995
The concept of the 'just price' and its reflection in Rabbinic literature
The medieval discussion about a „just price“ had its origins both in the writings of the Greek philosophers and in the biblical laws of Judeo-Christian tradition. The sages of the Talmudic period anticipated the price discussion in their writings. The question of this paper is how the rabbis balanced their teachings between a free (unregulated) market economy and a socially necessary system of price control. This tension still dominates today's economic discussions.
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