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Price gouging is the practice of increasing the prices of goods, services, or commodities to a level much higher than is considered reasonable or fair.
by downrightmike 3y ago
Price gouging is the practice of increasing the prices of goods, services, or commodities to a level much higher than is considered reasonable or fair.
- konschubert 3y agoThe price of a good is determined by what people are willing to pay for it. I personally think that’s a perfectly reasonable and fair approach. The cool thing is that if lots of money can be made with a good, supply will increase and people will be able to demand lower prices as a result. Whereas, if you artificially cap the price of a good, you get a shortage. Always.
- qeternity 3y ago"Price gouging" is a term that politicians invented. It simply does not exist in markets.
- Moomoomoo309 3y agoThese are terms from economics and terms from real life butting heads. The morality of economics is all over the place, so a moral judgement such as whether a price is "fair" or "just" of course will not make sense in economics. That doesn't mean the concept is novel, unusual, or unreasonable, it's just not expressed through the medium of economics. The idea of price gouging is as old as society itself. We have found evidence of price gouging in mesopotamia (Ea Nasir memes being popular examples), so the idea that politicians invented the idea of using control of prices in a cruel or unfair way is silly. Just because we're talking about the economy doesn't mean ideas outside of economics aren't relevant.