Price Gouging, Part 1: Walter Williams
Now that the hurricanes are winding down, it may be safe to address this subject without people shrieking and keening about “cold-hearted cruelty.”
As is so often the case with errors on matters of economics, the opposition to “price gouging” is largely driven by compassion. But—just as with minimum wage laws, which hurt the very people they’re intended to help—preventing prices from rising in a disaster may actually be the worst thing one can do to victims of that disaster.
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