Source: Foundation for Economic Education
by Walter Block
“If you are in sync with meddlesome government bureaucrats, you probably believe that price gouging is profoundly evil. That charging higher prices than normal, especially during emergencies, is an economic abomination. That any seller who does this is taking advantage of people who are in precarious economic circumstances. When a storm hits, or a flood, or a tornado, heavy snow, ice, the closing of the Hormuz Strait, many of us will be without gas for our car, food, medical help, or other such necessities. Yet we face jacked-up prices to fulfill these needs. Just when we need them the most, these things are more expensive. To anyone who doesn’t understand basic economics, this seems outrageous and unfair. But to those who do understand supply and demand, it makes sense.” (06/01/26)