IS THE MARKET PRICE A JUST PRICE? (COMPARATIVE ANALYSIS OF THE APPROACHES OF GREEK PHILOSOPHERS, SCHOLASTIC SCHOLARS, AND MUSLIM JURISPRUDENTS TO JUST PRICE)

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HOSAINY SAYYED AQIL; EIVAZLOU HOSSEIN

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Journal: JOURNAL OF ISLAMIC ECONOMIC STUDIES Year:2012 | Volume:4 | Issue:2 (8) Page(s): 119-164

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Title

IS THE MARKET PRICE A JUST PRICE? (COMPARATIVE ANALYSIS OF THE APPROACHES OF GREEK PHILOSOPHERS, SCHOLASTIC SCHOLARS, AND MUSLIM JURISPRUDENTS TO JUST PRICE)

Author(s)

HOSAINY SAYYED AQIL | EIVAZLOU HOSSEIN | Issue Writer Certificate

Keywords

JUST PRICEQ3

MARKETQ2

ARISTOTLEQ2

SCHOLASTIC SCHOLARSQ2

MUSLIM JURISPRUDENTQ2

Abstract

The scope of this paper is justice in micro level and particularly MARKET justice from three different but related paradigms: The ancient Greek philosophical paradigms (by emphasis on ARISTOTLE's thought), Christian scholastic paradigm in medieval era (by emphasis on St. Thomas Aquinas thoughts) and jurisprudence paradigm in Islamic civilization (by emphasis on Allame Helli and Ibn Taimiyah' s attitude). Based on their ethical approach, ARISTOTLE and SCHOLASTIC SCHOLARS considered justice virtue as an essential principle that dominates all the social and economic relations. Scholastic's JUST PRICE doctrine had three main sources: ARISTOTLE theoretical approach to justice, Romanists practical approach to exchange, and moral approach of Christianity. Based on these sources, Scholastics concluded that because necessity (nassesitas) determines both MARKET price and commodity value, the values that are exchanged in common (competitive) MARKET are equivalent and thus the MARKET price is just. Though MUSLIM JURISPRUDENT had not an independent doctrine about the JUST PRICE, in the problems such as pricing (Tas' eir) and usurpation (Ghasb) studied price and value implicitly. The hypothesis of this paper is that MUSLIM JURISPRUDENT and specifically Allameh Helli and Ibn Taimiyah consider "the price of the equivalent" (gheimat-ul-mesl) is just and this price is determined in common MARKET (a MARKET without intervention and manipulation such as hoarding and monopoly and asymmetric information); that is, this price reflects common collective evaluation of commodities.

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APA: Copy

HOSAINY, SAYYED AQIL, & EIVAZLOU, HOSSEIN. (2012). IS THE MARKET PRICE A JUST PRICE? (COMPARATIVE ANALYSIS OF THE APPROACHES OF GREEK PHILOSOPHERS, SCHOLASTIC SCHOLARS, AND MUSLIM JURISPRUDENTS TO JUST PRICE). JOURNAL OF ISLAMIC ECONOMIC STUDIES, 4(2 (8) ), 119-164. SID. https://sid.ir/paper/220834/en

Vancouver: Copy

HOSAINY SAYYED AQIL, EIVAZLOU HOSSEIN. IS THE MARKET PRICE A JUST PRICE? (COMPARATIVE ANALYSIS OF THE APPROACHES OF GREEK PHILOSOPHERS, SCHOLASTIC SCHOLARS, AND MUSLIM JURISPRUDENTS TO JUST PRICE). JOURNAL OF ISLAMIC ECONOMIC STUDIES[Internet]. 2012;4(2 (8) ):119-164. Available from: https://sid.ir/paper/220834/en

IEEE: Copy

SAYYED AQIL HOSAINY, and HOSSEIN EIVAZLOU, “IS THE MARKET PRICE A JUST PRICE? (COMPARATIVE ANALYSIS OF THE APPROACHES OF GREEK PHILOSOPHERS, SCHOLASTIC SCHOLARS, AND MUSLIM JURISPRUDENTS TO JUST PRICE),” JOURNAL OF ISLAMIC ECONOMIC STUDIES, vol. 4, no. 2 (8) , pp. 119–164, 2012, [Online]. Available: https://sid.ir/paper/220834/en

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