“Price Gouging” is Scarcity Extended to the Individual

The price gouging explanations have been back for weeks, with the usual, and correct, defenses of the market and how it allocates scarce resources during a crisis. Higher prices are a result of higher demand immediately after a crisis, with a greater disequilibrium from supply. Factors of production cannot produce more of the specific product … Continue reading “Price Gouging” is Scarcity Extended to the Individual