An Essay on Mediæval Economic Teaching by George Augustine Thomas O'Brien
Author:George Augustine Thomas O'Brien [O'Brien, George Augustine Thomas]
Language: eng
Format: epub
Tags: History, General
Google: CjTFDwAAQBAJ
Publisher: Good Press
Published: 2019-12-17T05:31:58+00:00
§ 6. Was the Just Price Subjective or Objective?
The question whether the just price was essentially subjective or objective has recently formed the subject matter of an interesting and ably conducted discussion, provoked by certain remarks in Dr. Cunningham's Western Civilisation.[1] Dr. Cunningham, although admiring the ethical spirit which animated the conception of the just price, thought at the same time that the economic ideas underlying the conception were so undeveloped and unsound that the theory could not be applied in practice at the present day. 'Their economic analysis was very defective, and the theory of price which they put forward was untenable; but the ethical standpoint which they took is well worth examination, and the practical measures which they recommended appear to have been highly beneficial in the circumstances in which they had to deal. Their actions were not unwise; their common-sense morality was sound; but the economic theories by which they tried to give an intellectual justification for their rules and their practice were quite erroneousâ¦. The attempt to determine an ideal price implies that there can and ought to be stability in relative values and stability in the measure of valuesâwhich is absurd. The mediæval doctrine and its application rested upon another assumption which we have outlived. Value is not a quality which inheres in an object so that it can have the same worth for everybody; it arises from the personal preference and needs of different people, some of whom desire a thing more and some less, some of whom want to use it in one way and some in another. Value is not objectiveâintrinsic in the objectâbut subjective, varying with the desire and intentions of the possessors or would-be possessors; and, because it is thus subjective, there cannot be a definite ideal value which every article ought to possess, and still more a just price as the measure of that ideal value.' In these and similar observations to be found in the Growth of English History and Commerce, Dr. Cunningham showed that he profoundly misunderstood the doctrine of the just price; the objectivity which he attributed to it was not the objectivity ascribed to it by the scholastics. It was to correct this misunderstanding that Father Slater contributed an article to the Irish Theological Quarterly[2] pointing out that the just price was subjective rather than objective. This article, which was afterwards reprinted in Some Aspects of Moral Theology, and the conclusions of which were embodied in the same writer's work on Moral Theology, was controverted in a series of articles by Father Kelleher in the Irish Theological Quarterly.[3]
[Footnote 1: Pp. 77-9.]
[Footnote 2: Vol. iv. p. 146.]
[Footnote 1: 'Market Prices,' vol. ix. p. 398 and vol. x. p. 163; and
'Father Slater on Just Price and Value,' vol. xi. p. 159.]
Download
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.
How to Be a Bawse: A Guide to Conquering Life by Lilly Singh(6673)
Deep Work by Cal Newport(5413)
The Longevity Diet by Valter Longo(4425)
The Fat Loss Plan by Joe Wicks(4222)
The Four-Pack Revolution by Chael Sonnen & Ryan Parsons(3469)
The Ultimate Bodybuilding Cookbook by Kendall Lou Schmidt(3295)
The French Women Don't Get Fat Cookbook by Mireille Guiliano(2962)
Super Food Family Classics by Jamie Oliver(2896)
Turn Up Your Fat Burn! by Alyssa Shaffer(2805)
Factfulness_Ten Reasons We're Wrong About the World_and Why Things Are Better Than You Think by Hans Rosling(2745)
Not a Diet Book by James Smith(2695)
Tom Kerridge's Dopamine Diet: My low-carb, stay-happy way to lose weight by Kerridge Tom(2665)
Body Love by Kelly LeVeque(2614)
Self-Esteem by Matthew McKay & Patrick Fanning(2590)
The Unbecoming of Mara Dyer by Michelle Hodkin(2469)
Tone Your Tummy Type by Denise Austin(2358)
The Fat Chance Cookbook by Robert H. Lustig(2311)
LL Cool J's Platinum 360 Diet and Lifestyle by LL Cool J(2301)
Men's Health Best by Men's Health Magazine(2083)