‘Fair’ Prices and Wages

It has become fashionable, especially in the fair trade movement but not only there, to advertise products with the
slogan that ‘the producer receives a fair price’ for his products.
There appears not to be a uniform economic definition of
the word ‘fair’, however, with as a consequence that the word has become meaningless. Here are some approaches on how to define ‘fair price’ in the Indian context, starting with the calculation of ‘fair wages’.