Author: Irina V. Baskakova, Cand. Sc. (Ec.), Associate-Prof. of Economic Theory & Economic Policy Dept; Zlata V. Stepanova, Sr. teacher of Economic Theory & Economic Policy Dept.

Abstract: The article studies the evolution of the views on the concept “justice” in economic science from antiquity to the modern period. Particular attention is paid to institutional interpretation of the examined concept which regards justice as a specific institution and validates the importance of the institutional structure of the society for economic development.

Key words: justice; commutative justice; distributive justice; institution of justice.