Just Prices is not an explanation of Elasticity. In fact, it attempts to explain cases which Elasticity cannot account for. E.g. (from the paper) the queues at

Just Prices is not an explanation of Elasticity. In fact, it attempts to explain cases which Elasticity cannot account for. E.g. (from the paper) the queues at restaurants. Our understanding of Price Elasticity suggests that the optimal arrangement (for both parties) is for restaurants to apply a surcharge in order to reduce queue times. The ubiquity of queues and rarity of surcharges suggests that something beyond Supply & Demand is occurring. Another example. Areas affected by natural disasters often experience a fuel shortage. The price of gasoline may sell at several times the usual rate. The price hike simply reflects the diminished supply. But customers often behave unreasonably hostile toward the fuel vendors and refuse to buy, even if the purchase is still to their net benefit. The hostility occurs because the customers feel they're being taken advantage of. Such a sentiment may not be rational in today's global market. But it was a rational response in the ancestral environment (where monopolies and monopsonies were more common) because price hikes set a precedent of exploitation (like how politicians use emergencies as an excuse to pass legislation, which mysteriously stays in effect even after the emergency has passed). The commentariat may not grok the Evo Psych behind Just Prices. What they do grok is an intuition that a small community might get mad at the local bee-keeper if he hikes his prices out of the blue, Predicted Elasticity be damned.