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re: $99 for a case of water: Texas officials report price gouging post-Harvey
Posted on 9/1/17 at 10:12 am to BowDownToLSU
Posted on 9/1/17 at 10:12 am to BowDownToLSU
Price gouging has my libertarian leaning arse conflicted. I get that price curbs demand. Higher the price then the more the person willing to pay must also mean he needs it more.
But what about the millionaire who is slightly thirsty or not thirsty at all but pays $100 for a case of water because $100 is chump change. Likewise the laborer is quite thirsty but $100 is a full day wages so he passes and continues on his way. The thirstier person here didn't get a drink.
But what about the millionaire who is slightly thirsty or not thirsty at all but pays $100 for a case of water because $100 is chump change. Likewise the laborer is quite thirsty but $100 is a full day wages so he passes and continues on his way. The thirstier person here didn't get a drink.
1
Posted on 9/1/17 at 11:59 am to Chuker
quote:
Price gouging has my libertarian leaning arse conflicted. I get that price curbs demand. Higher the price then the more the person willing to pay must also mean he needs it more. But what about the millionaire who is slightly thirsty or not thirsty at all but pays $100 for a case of water because $100 is chump change. Likewise the laborer is quite thirsty but $100 is a full day wages so he passes and continues on his way. The thirstier person here didn't get a drink.
Plain and simple, price gouging shouldn't be illegal. If we wading into the area of collusion, that is anti-free market and should be illegal.
However, even though I believe price gouging should be legal, disseminating the information to the public about those who took advantage of folks will allow the free market to make the appropriate demand adjustments when thing settle down in Houston.
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