Fair and Stable Prices in the Age of Greed: The Torah View

Abstract

Much of the Jewish legal tradition deals with business ethics. This paper focuses on an overlooked precept: ensuring price stability. There is a tendency to trivialize the law mandating that prices be kept low and affordable, but in the wake of the 2020 world pandemic, these laws are more important than ever. Indeed, very few people are aware that the ninth blessing of the ancient Amida (also known as shemoneh esrei) prayer, established by the 120 members of the Great Assembly in the 5th century BCE, is a prayer for divine protection against individuals who would raise prices unjustly. This paper illustrates the importance of this law and provides interesting stories and examples of individuals who protected the public against hoarders. Ethical leaders have an obligation not to take advantage of vulnerable members of the public by price gouging.