Ben Waber reviewed Just Price in the Markets by Charles R. Geisst
A Fascinating Review of the Concept of Prices
5 stars
This book is an incredible dive into the history of the concept of a "fair" price, which until quite recently was radically different than the one we're used to today. Geiss traces that history - mostly in the West but with significant time devoted to price fairness in the Muslim world as well - starting at Aristotle and moving through the Enlightenment and eventually the modern world. The idea that the market should set a price on its own, or that arbitrage should be allowed to set a single price across different regions developed surprisingly late, and even recent decades have demonstrated that the combined moral/economic argument of price and interest fairness is by no means a settled issue. Highly recommend