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Doctrine of "Fair Price” by Thomas Aquinas: background, laws of development and specific interpretation

DOCTRINE OF "FAIR PRICE” BY THOMAS AQUINAS: BACKGROUND, LAWS OF DEVELOPMENT AND SPECIFIC INTERPRETATION

Journal of Institutional studies, , Vol. 7 (no. 1),

The paper is dedicated premises of origin and patterns of development of the doctrine of “fair price” Aquinas. Showing contradictions exchange of agricultural products to urban goods and services, resulting in a developed feudalism. For agricultural products incoming to the city market, the situation was characterized as the free competition, while medieval guild tried to create a monopoly conditions for the production and sale of its products, which objectively leads to distortion of prices. Under these conditions, the development of the problem of "fair price" becomes extremely important. The paper shows how scholasticism using theological methodology, trying to solve this problem.

Greed condemned, was considered evil and sin of avarice considered the source of all evils. This tradition goes back to the interpretation of the Gospel of Matthew John Chrysostom. Alexander Halensis one of the first attempted rehabilitation of commercial activities and even tried to criticize the position of the Pseudo-Chrysostom that the merchant is not pleasing to God. In the "sum of all theology" Alexander Halensis wrote that moral qualities profits depend on the circumstances of 6:

1. From the person selling (which allowed the laity, the monks are not allowed);

2. His intentions (satisfaction or desire for profit);

3. The method of sale (by fair means or fraud);

4. Time of trade (on weekdays or holidays, designed for prayer or service of God);

5. Selling place (in the market or in holy places);

6. Relationship to the buyers (which is expressed in the level - excessive or normal - the selling price).

Analyzes the rationale arguments to grounding the doctrine of "fair price", show the evolution of the concept during XII - XIV centuries, as well as its relationship with the teachings of the scholastics on the percentage. The paper deals with various estimates of the concept of "fair value" of Thomas Aquinas, resulting in the history of economic thought. Critically analyzed the "contribution" of Thomas Aquinas in the development of the labor theory of value. Such an ambiguous approach to a "fair" price led to what some researchers considered the forerunner of Thomas Aquinas, the cost of labor history: I. M. Kulisher (1906), R. H. Tawney (1926), J.-B. Kraus (1930), S. Hagenauer (1931), A. Fanfani (1935), O.V. Trachtenberg (1957), Y. Mike. (1994) - and others have tried to try on his views with utility theory (since it appeared demand Aquinas had to implement trade) trying to try two beginnings consumer and labor: H. Contzen (1869), E. Schreiber (1913), O. Scbilling (1923), R. De Roover (1958), R. M. Nureev (2005). Therefore, in the second half of the XX century, many researchers refuse to consider a "fair price" as the basis of cost, and steel is identified with its current market price: A. Sapori (1955), J. T. Noonan (1957), L. W. Baldwin (1959), Dr. T. Stetsyura (2010). The paper analyzes the arguments "pro" and "contra" in favor of each of these approaches.

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Institutional political economy: where to start?

INSTITUTIONAL POLITICAL ECONOMY: WHERE TO START?

Journal of Institutional studies, , Vol. 7 (no. 1),

The central theme of the paper is to study the foundation and basic concepts in the economic institutions study. It is shown that a separate individual can not be considered as the starting point for research in institutional theory. As such proposed to consider a community of people related to each other using limited resources. This community creates the general conditions for economic activity and reproduction of the individual and at the same time creates obstacles to its implementation in the form of fundamental uncertainty and hostile certainty. Immediate and economic actions and interactions in these conditions become impossible. The establishment of a specific institutional framework is the precondition for private economic activities and the entire economic process within the social space. And this order (structure, form of interaction) must be preceded by direct exchange, distribution and use of goods by individuals. There is no economic action and interaction to outside institutions and institutions. Institutions are initially "woven" into the system of economic relations and interactions between people.

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Institutions, technologies and increasing returns

Institutions, technologies and increasing returns

Journal of Institutional studies, , Vol. 7 (no. 1),

Institutions and technologies significantly affect economic development. Nevertheless, the genesis and evolution of institutions are often treated separately from technologies. This paper attempts to underscore the fact that institutions and technologies are connected with specific rules, moreover, they guide recurrent social interactions. It is assumed that analyzing institutions and technologies together may expose the rules associated with the process of information and knowledge spillover. The phenomenon of increasing returns is considered an important characteristic of current social and technological processes. Much attention has been paid to increasing returns and lock-in effects, since ineffective or suboptimal institutions are evolutionarily selected. Innovation activity is considered in the context of institutional-technological change under conditions of increasing returns. This approach enables us to focus on the means of choice of complementary institutional and organizational structures implemented by the government in the framework of its innovation policy. The effects of the implementation of new social technologies in the realms of innovation and education have been addressed in the context of shared social values and incentive structures.

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Institutional theory of privatization - nationalization assets

Institutional theory of privatization - nationalization assets

Journal of Institutional studies, , Vol. 7 (no. 1),

Introduce the basic provisions, principles and criteria of institutional theory of privatization-nationalization, asset management in the economy. Structural analysis of property in terms of its two basic elements - public and private property, introduced a model of cooperation between state and private sectors. The main attention is paid to the criteria for evaluating the performance of these types of property, as well as the rationale of the process of privatization and nationalization of property. Offers asset management principles - the privatization and nationalization of the economy to changes in the economic well-being, the price criterion is formulated privatization-nationalization of assets. Based on the study of the theoretical criteria for the privatization and nationalization of the economy, assesses the changes in the welfare of the economic system. Summarizes the conditions of the privatization and nationalization depending on the objectives of the public and private sectors. Assesses the optimal size of the public sector and derivation of the budget deficit, depending on the dynamics of the public and private sectors (in the framework of the dichotomy).

Views: 1202

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Dichotomy of the "state – society" and economic liberalism myth

Dichotomy of the "state – society" and economic liberalism myth

Journal of Institutional studies, , Vol. 7 (no. 1),

After the collapse of the Soviet Union, most economists and sociologists have concluded that humanity finally found the optimum, the highest form of political and economic structure. Francis Fukuyama was proclaimed "the end of history". Such representation is directly related to the entered Hobbes dichotomy of "state" and "society", which also marked the beginning of the New Age.

B. Latour argues that this dichotomy lies at the basis of the division of science into "natural" and "social" and is wrong. M. Gefter distinguishes models "Homo mythicus" and "Homo historicus". The model of "Homo oeconomicus" is a kind of myth and used to transform the axial time scale of classification societies in size wealth.

Liberalism rejects the notion of a political, not a basis for the positive content of the concept of the state. Use of liberalism as an ideology, paradoxically, may lead to a growth rather than decline conflict and increase the danger of war.

Views: 1353

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Construction of public discussions and the strategies of deproblimatization in the debate on Russia's accession to the WTO

Construction of public discussions and the strategies of deproblimatization in the debate on Russia's accession to the WTO

Journal of Institutional studies, , Vol. 7 (no. 1),

Russia's accession to the WTO remained one of the most talked economic events for a long time. Representatives of various interest groups (both supporters and opponents of joining the organization) attended in the public debate on this issue. The paper presents the results of the analysis of publications in the print media on Russia's accession to the WTO over a period from December 2010 to December 2013. The focuses of our attention are two time slots: one and a half years prior to the entry and one and a half years after. The total number of analyzed articles is 397. As a result of the research we made some conclusions about the features of the construction of the WTO's media image. The paper presents an analysis of the positions of representatives of different groups and an evaluation of their involvement in the discussion. In addition, we provide illustrations of basic strategies used for deproblematization of the Russia's accession to the WTO, as well as to make assumptions about the reasons for which such actions became necessary.

Views: 1156

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Comparative analysis of public service advertising regulation in Russian Federation and European countries

Comparative analysis of public service advertising regulation in Russian Federation and European countries

Journal of Institutional studies, , Vol. 7 (no. 1),

In modern world public service advertising is a direct reflection of social values, humanistic relationships between people, level of cultural development of the society. The aim of PSA is to form social challenges in the society’s mind, to lead to reforms in social sphere. Underestimation and inattentiveness towards social problems could lead to loss of moral values, destruction of culture and forming the basis for aggravation in relation between different levels of society.

The tasks of the research are the following: to analyze the legislative base of public service advertising, to determine their strengths and weaknesses; to find out typical problems arising while PSA realization in Russia and Europe; to determine the main obstacles, preventing from creation of efficient and qualitative PSA and to find out and provide the measures of creating an efficient and qualitative public service advertising.

In the first part of the paper we compare PSA regulation, sort out PSA legislative and practical issues in Russia and Europe. In the second part we consider the process of efficient PSA realization. For this purpose there were investigated the main obstacles on the way of realization of PSA strategy in Russia and Europe, possibilities of application of marketing mix approach.

Though the level of social activity has increased in Russia especially in recent years, PSA market is only in the process of formation – there are huge potentials for investigations, initiatives and improvements. We could conclude that modern PSA legal base of Russian Federation restrains the development of PSA in our country and puts obstacles in the way of PSA participants: government, non-commercial organizations and businesses.

In comparison with EU our country fails behind European countries both in the level of legislative regulation and practical experience. The most important difference between PSA practice in Russia and in Europe is that in Europe there is clear understanding that wellbeing of their citizens depends on the quality and effectiveness of PSA. Russian advertising market could benefit from European experience, use their legislative regulation and practical experience. However, we could not simply copy European PSA methods, but elaborate our own criteria for PSA development due to the nuances and peculiarities of our country.

Views: 1583

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The fundamental problem of the Russian economy: human capital as a panacea from the raw disease of a country

The fundamental problem of the Russian economy: human capital as a panacea from the raw disease of a country

Journal of Institutional studies, , Vol. 7 (no. 1),

The paper outlines the urgent problems of modern Russia, as well as identified the fundamental problem hindering the successful development of the national economy. As a fundamental problem, the author defines the problem of the lack of diversification of the Russian economy. In the work proposed two global solutions to this problem: the intensive and extensive nature. Preference intensive approach to the resolution of pressing problems is justified. As the reference level intensive approach is the development of human capital. In the paper human capital is in general characterized, the evolution of the concept of human capital and the modern sense of the concept are given. The necessity to consider the human potential as the advantage of Russia is proved. Problems that hinder the development of human capital are identified and analyzed. Also some methods of the solution of those problems are presented. The research also identified the benefits of Russia from the point of view of the development of human capital in comparison with other countries, and identified the urgent problems that hinder its development. Analysis of the current situation from the point of view of limitations for successful human development and the factors hindering this development is provided.

Views: 1285

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