Monopoly and Market Irregularities in Medieval Economic Thought: Traditions and Texts to A.D. 1500
Odd Langholm
In a study of pre-classical monopoly theory published in 1951, Raymond de Roo ver started by briefly examining the doctrines held medieval scholastics. His analysis met with favorable response and was confirmed further developed later historians. The most satisfactory statement may still be that Barry Gordon his monograph on early economics. consensus these scholars can summarized as follows. Medieval authors looked askance at attempts guilds to establish minimum prices. They recognized expediency government grants regulation prices certain commodities. strongly condemned private monopolies established for personal gain, well collusion among sellers purpose, price discrimination, engrossing, forestalling, regrating, other forms speculation. just current, competitive market price, free all irregularities kinds fraud duress. adds schoolmen also sometimes referred labor cost factors, rather than market, estimates price. These were not necessarily contradictive but mutually supportive. applied when working smoothly there no operation time place sale. When an exchange is concluded under normal circumstances, going hardly said unjust. It seem uncharitable. There will always some who cannot afford pay Poor relief society, however, mainly matter almsgiving. Unlike commutative justice, charity workable ethical norm marketplace.
Journal of the history of economic thought