Thank God for Price Gouging

This column deals with the theory behind “price gouging.” Tomorrow’s column will apply the theory to recent and ongoing situations in hurricane-affected areas. In wake of the recent hurricanes that have hit the south, the recurrent issue of “price gouging” has inevitably arisen as officials in the affected areas go on a hunt for any vendor who dares to raise prices. Little do they know, however, that they are doing the people they serve a major disservice. Let’s take the gas stations as an example. No one knows where their prices should be at any one point except for the...

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