“If a man dedicates to the LORD part of the land that is his possession, then the valuation shall be in proportion to its seed. A homer of barley seed shall be valued at fifty shekels of silver.” Leviticus 27.16

Price-fixing occurs when manufacturers or service providers collude to raise prices beyond what the free market will bear. Price-gouging is that practice whereby one who monopolizes a market drives the prices up simply because he can. Over the years, government has established a wide range of public policies to minimize these practices by making them criminal offenses, establishing watch-dog agencies, or requiring various kinds of disclosure.

Price-fixing and price-gouging always work to the disadvantage of the consumer, which is why, in the Law of God, efforts were made to discourage arbitrary price-setting or price-fixing of any kind.

There was no attempt to “fix” prices in the economy of ancient Israel. However, the Law of God was designed to help ensure that prices would be fair and stable. Prices – as well as money – were fixed to grain, which was the staple of the Israelite economy. Grain was the “gold standard” of Israel’s economy, since grain, more than silver or gold, was needed for survival.

A certain measure of grain was worth so many shekels. The value of a shekel, in turn, was determined by how much grain it could purchase. To charge more for a “homer of barley” than what the Law prescribed – fifty shekels of silver – would have been folly, since no one would pay it – fairer prices being available almost everywhere – and the seller might be vulnerable to charges of attempted theft. If found guilty by local judges, a price-gouger might then be required to restore justice by giving the goods originally sought plus a percentage more. Price-fixers would be guilty of collusion and similarly held accountable before the Law of God for conspiracy against their neighbors.

T. M. Moore
 

Visit our website, www.ailbe.org, and sign up to receive our thrice-weekly devotional, Crosfigell, featuring writers from the period of the Celtic Revival and T. M.’s reflections on Scripture and the Celtic Christian tradition. Does the Law of God still apply today? Order a copy of T. M.’s book, The Ground for Christian Ethics, and study the question for yourself.