In the introduction of this paper, it was said that Aquinas did not write any treatise on economics itself and merely tackled economics under the cardinal virtue of justice. In Question Seventy-seven (77) of the Second Part of the Second Part of Summa Theologica, sins committed when buying or selling is discussed. From here, along with other sections of the Summa Theologica one will be able to grasp the economic theory of Thomas Aquinas of the just price. Firstly, it must be established that Aquinas is in favor of the ownership of properties, and even states that private properties are necessary in one’s life for three reasons. First, Aquinas argues that a man “is more careful to procure what is for himself alone than that which is common
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In buying and selling considered as having both advantages and disadvantages, apart from considering the value of the thing itself, the thing’s worth to the owner will also be included in the measurement of its value. For example, A is in need of a material for his project which cannot be found in stores. Fortunately, he stumbles upon B who owns this material. It so happens that the material is important to B and selling it would entail a grave loss; so apart from offering a price for the material itself, A offers an additional price for B’s loss. This kind of exchange is justified inasmuch as value does not lie on the thing itself alone but also in the worth attached by the owner of the thing. The important factor that would allow the raising of a price would be the loss of the seller. If the exchange were to take place such that the buyer alone gains advantage and the seller with no loss, an increase in price would be unlawful. In cases of the coming of a storm then, the market raising prices on supplies is considered unlawful within the framework of the just price theory inasmuch as no loss will be experienced by the sellers, and the sellers are in fact merely taking advantage of the grave need of the buyers. If, however, the buyer himself raises the price to be in congruence with the advantage he has acquired, the buyer may do so to pertain to his
In buying and selling considered as having both advantages and disadvantages, apart from considering the value of the thing itself, the thing’s worth to the owner will also be included in the measurement of its value. For example, A is in need of a material for his project which cannot be found in stores. Fortunately, he stumbles upon B who owns this material. It so happens that the material is important to B and selling it would entail a grave loss; so apart from offering a price for the material itself, A offers an additional price for B’s loss. This kind of exchange is justified inasmuch as value does not lie on the thing itself alone but also in the worth attached by the owner of the thing. The important factor that would allow the raising of a price would be the loss of the seller. If the exchange were to take place such that the buyer alone gains advantage and the seller with no loss, an increase in price would be unlawful. In cases of the coming of a storm then, the market raising prices on supplies is considered unlawful within the framework of the just price theory inasmuch as no loss will be experienced by the sellers, and the sellers are in fact merely taking advantage of the grave need of the buyers. If, however, the buyer himself raises the price to be in congruence with the advantage he has acquired, the buyer may do so to pertain to his