Search found 34 items
- price gouging
Category: Mises View, Audio/Video, Commentary
Online Publish Date: April 26, 2014
Joe Salerno discusses the economics of Price Gouging. Dr. Salerno is the Mises Institute's Academic Vice President.
Category: The Free Market, Journals, Institute Publications
The Free Market 20, no. 10 (October 2002) A Days Inn on Long Island was fined on December 26, 2001 for having engaged in "price gouging" following the September 11 terrorist attacks. With the nation's airports closed, stranded passengers created a sudden and unexpected rise in demand for lodging.Under these circumstances, the Hicksville hotel raised its room rates by 185 percent—an "...
Online Publish Date: March 26, 2020
Thank goodness for the First Amendment and social media! The former has allowed amateur comedians to flourish and share their wares via the latter, mostly in the form of humorous memes. It’s come in handy by providing comic relief as concern about the coronavirus outbreak has swept the land. I took a stab by offering a quip about the stash of wine bottle corks my wife and I have stockpiled over...
Category: Mises Daily Articles
Online Publish Date: January 30, 2007
Recently, Anderson Cooper and one of his correspondents, Gary Tuchman, condemned price gouging in New Orleans as if they were reporting an inherently unjust practice that no reasonable person would accept. So, once again, it needs explaining why price gouging is not only not bad, but is essential to the welfare of everyone involved. Without it, people don't get the essential goods they need after...
Just like clockwork: first the natural disaster (Andrew, Hugo, or in this case, Charley) or major event (Super Bowl, Sugar Bowl, World Series), then the usual nonsense about the evils of price gouging. Fortunately, yesterday's Daily Article provides a potent antidote (Don Boudreaux has an excellent post at Cafe Hayek).The furor over "price gouging" is enough to make economists want to cry, but it...
Price Gouging Saves Lives by David Brown. In a Crisis, Markets More than Ever, by Llewellyn H. Rockwell, Jr. Oil Prices Again, by Murray Rothbard Creating Economic Crimes, by William Anderson
6. Price GougingPrice gouging -- charging higher prices under emergency conditions -- evokes strong emotional responses that are understandable but terribly wrong-headed.In the words of economist Walter Williams, "passionate issues require dispassionate analysis." The passion generated by price increases for necessities in an emergency is just such a case.Three lines of analysis demonstrate that...
Alabama Attorney General Troy King was recently on Fox News boasting about how he would go after those gas stations that "profiteered" after Hurricane Katrina. He noted that many economists have criticized anti-gouging laws that interfere with the function of the free market, but his response was that it was Hurricane Katrina that interfered with the market. Furthermore, he stated that he is...
Online Publish Date: March 26, 2020
In the of light of the COVID-19 pandemic almost every government in the world has (once again) denounced so-called "price gouging." Politicians both to the left and right really think that with outlawing price gouging, they can save the consumer from the greedy gougers that are willing to take advantage and exploit consumers. Price gouging is defined as the practice of raising a products price to...
Online Publish Date: September 6, 2017
As so often happens in the wake of a natural disaster, government officials in Texas are currently investigating claims of “price gouging,” which the office of the Attorney General reminds residents is illegal after the governor declares a disaster. This is a classic example of the ostensible contrast between greed and altruism, capitalism and charity.Economists who favor the free market know the...