The Just Price Theory

The Just Price Theory is an economic concept that suggests there is a fair or morally appropriate price for goods and services, reflecting their true value to society. It emphasizes that prices should consider factors like costs of production, labor, and social utility, rather than just supply and demand or profit motives. Historically rooted in ethical debates, the theory aims to promote fairness and prevent excessive profits or exploitation, advocating that prices should balance fair compensation for producers with affordability for consumers. It underscores the importance of moral considerations in economic transactions.