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Author: Colovion Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 756373  
Subject: Re: Price-gouging laws suck Date: 11/17/2012 5:46 AM
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Price gouging laws may suck economically, but price gouging sucks morally, and anybody who does it should be hanged by the neck until dead.

I disagree completely. The example of gas prices in New Jersey after Sandy shows why "gouging" is simply a name for doing what is required of the situation. Rapidly rising prices do two very important things:

1. It forces people to conserve.
2. It greatly incentivizes others to send more supply to that area.

This is exactly what you want to happen in case of an emergency like Sandy. You wouldn't need cops to devote time to guarding gas stations, there wouldn't be massive lines. There wouldn't be stations totally out of gas. Hotel rooms would be available. Stores would still have food on the shelves, etc.

It is because "price gouging" is the only rational economic solution that it is thus the only truly moral solution as well. Anything else makes the situation worse, which is immoral IMHO.
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