Value, Justice, and Presumption in the Late Scholastic Controversy over Price Regulation

In the sixteenth and early seventeenth centuries, theories of price regulation were developed in order to analyze the demands of justice in situations where markets cease to function—be it through natural conditions, wars, or artificially induced shortages in supply. This article investigates the relevance of the methodological notion of presumption for the legally binding power of laws concerning price regulation. In particular, the relation between presumptions (assumptions that are taken to be true unless and until proven false), the cost-and-labor theory of value, and the question of the morally binding power of laws concerning legal prices are explored.