Matt Yglesasis. Full post here. Excerpt here:
........the lack of price gouging is harming things on the supply side. If it were possible to earn windfall profits by transporting gasoline into the affected areas, then human ingenuity would be finding ways to do it. But if you restrict retailers to earning merely ordinary profits, then people won't take extraordinary measure to increase supply.
Mark Perry. Full post here. Excerpt here:
Well, maybe if Home Depot, Sears and Lowe’s had been allowed to raise their prices to $1,000 (or more) this week to reflect the true value of gas generators following the hurricane, more people with children would actually have a generator right now because the retailers wouldn’t have sold out so fast! And you really can’t blame the retailers for not raising prices, because they could have been charged with price gouging by the state of New Jersey.
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Classically fits into the haves-and-haves-not debate. Those that have the money to pay the higher prices will benefit - those that don't will have to suffer the consequences of being lower in the economic order.
ReplyDeleteI'll put forth the proposition that human ingenuity is not driven by the desire for windfall profits - but by the solution to a need.
I believe in fair profits - gouging not so much.
It's good to be back.... :)
- Jeff