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just price
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just price

Traditional economic belief that everything bought and sold has a ‘natural’ price, which is the price unaffected by adverse conditions, or by individual or monopoly influence. The belief dates from the scholastic philosophers and resurfaced early in the 20th century in the writings of Major Douglas and his Social Credit theory.



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Modern general equilibrium theory and its corollary, welfare economics, bears more than a passing resemblance to a modern, more complicated version of just price theory.
 
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