Richard Abel Musgrave (1910–2007)

Risky exchanges: price and justice in Thomas Aquinas’s De emptione et venditione ad tempus

“…o The nature of the commitment, freedom, and responsibility of the loan partners through the notion of conditional freedom (Langholm [1992], [1984] and [1998]; Ege [2014]; Sturn [2017]);…”

“…o The distinction of levels between normative and acceptable just prices (Friedman [1980]; Lapidus [1986] and[1994]; Chaplygina and Lapidus [2016]; Sturn [2017]).…”

“…Once it has been accepted that the source of the estimate lies in a justice that pre-exists the exchange, it remains to analyse its implementation. It should be noted that the estimate includes an idea of imperfect approximation, for example when the value is transcribed into monetary prices, since the just price is not determined precisely (De Roover [1958], p. 624;Sturn [2017], p. 660), which justifies "a slight variation in the price [modica additivo vel minutio]" (S. T., IIa IIae, q. 77, a.…”

“…The just price, by its very essence, can be considered to facilitate trade because it ensures social order (Sturn [2017], p. 646) and reduces transaction costs (Friedman [1980]), since there is no process of negotiation. However, the estimation of the price indicates that the operational determination of acceptable prices and the choice of an effective transaction price are not immediate, and that the effective price is not simply given immediately by the normative just price but is the result of a process of fixing.…”