St. Thomas Aquinas, who thought charging interest on loans was usury, believed there was a just price for goods. Anything above this just price was considered unChristian and he condemned it.
As the theory of capitalism took hold, the laws of supply and demand came into vogue. If demand was high, the price wold be raised until the buyers said enough, I’m not paying any more, and the price would stabilize. When goods were plentiful and exceeded demand, the price would drop.
In times of great economic stress, however, the doctrine of a just price returns. If you charge ten dollars for a roll of toilet paper because there is a run on toilet paper, that is capitalism at its finest. If you charge fifty dollars, people will start to use newspapers as toilet paper and the price will stabilize and eventually drop, although we must pity the people who get their news exclusively from the internet.
I am amused at the number of people who decry “price gonging” and want the government to step in to forbid this kind of entrepreneurship. Many of these same people decry socialism or government interference in the economy. Make up your mind.
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