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Economic and Ethical Foundations of Fair Pricing and Fair Trading: Contemporary Practices and Jewish Tradition

  • Stephen KingEmail author
  • Shimon Cowen
Chapter

Abstract

This chapter presents the principles of free market and competition, with a particular focus on Australian policy, and continues with an exposition of Judaic ethical and legal parameters for competition and for the intervention in the economy. It sets out circumstances under which curbs on competition would be legitimate. It shows how Jewish law affords a safety net where one side in the vendor–consumer relationship does not have proper knowledge, limits the profit margin on basic commodities and forbids predatory pricing that is destructive of competitors.

Keywords

Free market Competition Fair pricing Fair trading Jewish business ethics Monopolies Anticompetitive behaviour Jewish law 

References

  1. Adlerstein, Y. (1987). Price controls and consumer advocacy. Journal of Halacha and Contemporary Society, 13.Google Scholar
  2. Ariel, Y. (1989). Tachrut mischarit b’ir u’bich’far, Techumim (Vol. 10). Israel. (Machon Tzomet, Alon Shvut).Google Scholar
  3. Levine, A. (2005). Goldfarb’s 15-Year turf war in his moral issues of the marketplace in jewish Law. NY: Yashar.Google Scholar
  4. Wahrhaftig, I. (1980). Hagonas ha’tzorchan l’or ha’halachah. Techumim, 1, 476–477.Google Scholar
  5. Wahrhaftig, I. (1988). Consumer protection: Price fraud (Vol. 2). Gush Etzion: Crossroads. Zomet (A translation of an article which originally appeared in Techumim, Vol. 2).Google Scholar

Copyright information

© Springer International Publishing Switzerland 2016

Authors and Affiliations

  1. 1.Department of Economics, Faculty of Business and EconomicsMonash UniversityMelbourneAustralia
  2. 2.Institute for Judaism and CivilizationMelbourneAustralia

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