Much of the attention of scholars has focused on two of Locke’s works–The Second Treatise and the Letter on Toleration. And these are indeed important. But an almost unknown work of Locke, “Venditio,” provides some fascinating insights into just how modern Locke’s views were, especially on the workings of the market system and the still hotly contested concept of “just price.”  Specifically, Locke asks this question:  When is the “market price” just? In this presentation – commemorating John  Locke’s birthday in August 1632 – Duke University Professor Mike Munger will consider some context, and examples such as price gouging laws today, and talk about the importance of institutions to manage the problems of scarcity
and allocation.
Read “Venditio” here.