Amateur Megalomania

Great article on price gouging. “Gougers” perform a valuable public service.

Price “gouging” is purely in the mind of the beholder, and there’s no way to distinguish between it and the necessary signals that the market must have to ensure the most efficient use of resources. The price “gougers” are (often, if not always) the people who will have incentives to satisfy market needs as quickly as possible, and ensure that the economic recovery will occur. That some people may “unfairly” take advantage of this is a price we have to pay, and it’s a small one compared to the alternative.

Go read the whole thing.

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