5 ms·

Gouging is a debatable economic concept.

by discombobulate 9y ago

frgtpsswrdlame 9y ago
How so? EDIT: Also, is that the only flaw you found with my comment? If so, lol.
- discombobulate 9y ago
  Here's something on Wikipedia. I've not read it, yet. Not having a basis in economics is a reasonable argument, imo. https://en.wikipedia.org/wiki/Price_gouging#Opposition_to_laws_against_price_gouging https://en.wikipedia.org/wiki/Price_gouging#Opposition_to_la... Edit: I'm trying to listen to a live Shkreli interview & replaying @ the same time. Sorry if I didn't rebut it as fully as I would normally.
  - deleted 9y ago
    [deleted]
  - frgtpsswrdlame 9y ago
    You didn't really rebut at all, you just googled it and pasted a link here... I think here even Sowell would agree that it exists. Basically price gouging can't exist if we use a simplified view of a perfectly competitive market. If we move over to a market with only one seller then we could probably define price gouging as when the monopoly firm charges a price higher (or much higher) than what we would see in a competitive equilibrium. AKA exactly what Shkreli did.
    - discombobulate 9y ago
      You lol. I took that as incredulity. Is there such thing as a perfectly competitive market irl? There's a canonical example used by the Mises Institute -- water after a hurricane. I watch a lecture half a decade ago. I don't have perfect information. Far from it. It was convincing. A stripped down model which made gouging look ridiculous. I think it's debatable.
      - frgtpsswrdlame 9y ago
        >Is there such thing as a perfectly competitive market irl? Wikipedia has the requirements for a perfectly competitive market, if you look at them you'll see that there certainly can't be many markets like that. I'd say the closest thing you're liable to run into on a day to day basis is gasoline. There's a lot of stations, you probably drive past a few everyday so you've got good price information, you know what the product will be and it's all the same. >There's a canonical example used by the Mises Institute -- water after a hurricane. I watch a lecture half a decade ago. I don't have perfect information. Far from it. It was convincing. A stripped down model which made gouging look ridiculous. I think it's debatable. One thing I find with libertarians (Mises tipped me off) is that they're often not too familiar with good critiques, only the surface level stuff that gets thrown around on twitter or tumblr. So here's my contribution: http://critiques.us/index.php?title=Matt_Bruenig http://critiques.us/index.php?title=Matt_Bruenig Maybe read some critiques, the worst it can do is make you a better libertarian.
        discombobulate 9y ago
        Hadn't realised about the gas market. Mises is a big clue. I like to hear both sides. I've got some Marx to learn before anything else (econ). Maybe with a focus on the Frankfurt School.

Gouging is a debatable economic concept.

frgtpsswrdlame 9y ago

How so? EDIT: Also, is that the only flaw you found with my comment? If so, lol.

discombobulate 9y ago
Here's something on Wikipedia. I've not read it, yet. Not having a basis in economics is a reasonable argument, imo. https://en.wikipedia.org/wiki/Price_gouging#Opposition_to_laws_against_price_gouging https://en.wikipedia.org/wiki/Price_gouging#Opposition_to_la... Edit: I'm trying to listen to a live Shkreli interview & replaying @ the same time. Sorry if I didn't rebut it as fully as I would normally.
- deleted 9y ago
  [deleted]
- frgtpsswrdlame 9y ago
  You didn't really rebut at all, you just googled it and pasted a link here... I think here even Sowell would agree that it exists. Basically price gouging can't exist if we use a simplified view of a perfectly competitive market. If we move over to a market with only one seller then we could probably define price gouging as when the monopoly firm charges a price higher (or much higher) than what we would see in a competitive equilibrium. AKA exactly what Shkreli did.
  - discombobulate 9y ago
    You lol. I took that as incredulity. Is there such thing as a perfectly competitive market irl? There's a canonical example used by the Mises Institute -- water after a hurricane. I watch a lecture half a decade ago. I don't have perfect information. Far from it. It was convincing. A stripped down model which made gouging look ridiculous. I think it's debatable.
    - frgtpsswrdlame 9y ago
      >Is there such thing as a perfectly competitive market irl? Wikipedia has the requirements for a perfectly competitive market, if you look at them you'll see that there certainly can't be many markets like that. I'd say the closest thing you're liable to run into on a day to day basis is gasoline. There's a lot of stations, you probably drive past a few everyday so you've got good price information, you know what the product will be and it's all the same. >There's a canonical example used by the Mises Institute -- water after a hurricane. I watch a lecture half a decade ago. I don't have perfect information. Far from it. It was convincing. A stripped down model which made gouging look ridiculous. I think it's debatable. One thing I find with libertarians (Mises tipped me off) is that they're often not too familiar with good critiques, only the surface level stuff that gets thrown around on twitter or tumblr. So here's my contribution: http://critiques.us/index.php?title=Matt_Bruenig http://critiques.us/index.php?title=Matt_Bruenig Maybe read some critiques, the worst it can do is make you a better libertarian.
      - discombobulate 9y ago
        Hadn't realised about the gas market. Mises is a big clue. I like to hear both sides. I've got some Marx to learn before anything else (econ). Maybe with a focus on the Frankfurt School.