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In Defense of Price Gouging
and Profiteering

American Magazine, by Benjamin Zycher

Original Article

Posted By:EagleBlurst, 8/8/2014 9:22:23 AM

Minor news stories with only a local direct interest nonetheless can carry large general implications, and just such a recent item emerged last weekend: Residents of Toledo, Ohio were warned not to use city water supplies due to algae growth in Lake Erie. (After a few days, the water was declared safe to drink.) For those few days, unsurprisingly, the demand and market prices for bottled water increased sharply, and few politicians can resist such opportunities for demagoguery: “Ohio Attorney General Mike DeWine is dispatching employees to the city to investigate complaints of price-gouging on bottled water.” “Price gouging” is

      


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Reply 1 - Posted by: tsquare, 8/8/2014 10:33:28 AM     (No. 9957909)

nicely done

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Reply 2 - Posted by: Sanchin, 8/8/2014 10:47:20 AM     (No. 9957919)

I am sure the author would support 100% OPEC arbitrarily raising oil prices to $200 a barrel (it will force conservation). Better yet lets have milk prices increase 500%.

This article is simply a compilation of straw men thrown together to justify immoral behavior. Adam Smith was very clear and keen on moral behavior in his economic theory. The author is not defending the "invisible hand" he is simply justifying taking advantage of others.

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Reply 3 - Posted by: varkdriver, 8/8/2014 11:07:18 AM     (No. 9957960)

#2, I couldn´t disagree more. The author clearly laid out the reason for supply/demand setting the market price for an item. The reason we had the long gas lines in 1974 and 1979 was the lack of proper pricing of fuel at the pump. Once it gets high enough, people conserve. Eventually, a supply builds up, the price starts to come down, and things settle out.

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Reply 4 - Posted by: shimmer128, 8/8/2014 11:51:28 AM     (No. 9958040)

In any case, I don´t want any level of government deciding what prices we should pay. Sometimes freedom bites, but it´s worth it!

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