Row 1294
Content Data
This page contains data entry 1294 from the Axioma AXP content repository. The structured data below represents the complete record for this entry.
>What seems more likely is companies exaggerated their “need” to raise prices
It seems that you are using a layman's version of the medieval "Just Price" concept. Gains from trade must relate to the exerted labor of the merchant. The price that goes far above that is a sin.
>If someone would be greatly helped by something belonging to someone else, and the seller not similarly harmed by losing it, the seller must not sell for a higher price: because the usefulness that goes to the buyer comes not from the seller, but from the buyer's needy condition: no one ought to sell something that doesn't belong to him. – Thomas Aquinas, Summa Theologiae
Modern view is that companies are profit maximizing, not price maximizing. Generally speaking profit is maximized when marginal revenue is equal to marginal cost. That determines both the price and quantity produced. Here is the classical view with diagrams: https://www.economicshelp.org/blog/3201/economics/profit-maximisation/
The supply side shock moves MC line up.
| Field | Value |
|---|---|
| text | >What seems more likely is companies exaggerated their “need” to raise prices It seems that you are using a layman's version of the medieval "Just Price" concept. Gains from trade must relate to the exerted labor of the merchant. The price that goes far above that is a sin. >If someone would be greatly helped by something belonging to someone else, and the seller not similarly harmed by losing it, the seller must not sell for a higher price: because the usefulness that goes to the buyer comes… |
| label | r/econpapers |
| dataType | comment |
| communityName | r/EconPapers |
| datetime | 2022-05-25 |
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Raw Record
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"text": ">What seems more likely is companies exaggerated their “need” to raise prices\n\nIt seems that you are using a layman's version of the medieval \"Just Price\" concept. Gains from trade must relate to the exerted labor of the merchant. The price that goes far above that is a sin.\n\n>If someone would be greatly helped by something belonging to someone else, and the seller not similarly harmed by losing it, the seller must not sell for a higher price: because the usefulness that goes to the buyer comes not from the seller, but from the buyer's needy condition: no one ought to sell something that doesn't belong to him.\n– Thomas Aquinas, Summa Theologiae\n\nModern view is that companies are profit maximizing, not price maximizing. Generally speaking profit is maximized when marginal revenue is equal to marginal cost. That determines both the price and quantity produced. Here is the classical view with diagrams: https://www.economicshelp.org/blog/3201/economics/profit-maximisation/\n\n The supply side shock moves MC line up.",
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Entry Information
- Entry ID: 1294
- Repository: Axioma AXP
- Dataset: arrmlet/reddit_dataset_36
- Total Entries: 100,000