Why Economists Love Price Gouging, And Why It's So Rare
![[Grand Grocery Co.], Lincoln, Neb. (LOC)](http://farm3.static.flickr.com/2022/2179931106_344c5984a7_m.jpg)
[Grand Grocery Co.], Lincoln, Neb. (LOC) by The Library of Congress
License (according to Flickr): No known copyright restrictions
License (according to Flickr): No known copyright restrictions
I'm holed up in my Brooklyn apartment right now with my wife and our two young daughters. Even if we lose power and get stuck inside for a few days, we'll be Ok; like millions of other people up and down the East Coast, we stocked up this weekend on peanut butter and crackers and powdered milk and bottled water and cans of beans and tomatoes and tuna. The prices for all those things were the same as they always are. But if the grocery store had doubled or even tripled its usual prices in response to the pre-hurricane rush, we would have bought the food anyway. We needed it, and we didn't have time to shop around. As far as most economists are concerned, it would be totally reasonable for a grocery store to raise prices the day be for a hurricane. In fact, that's what's supposed to happen.
People:
Daniel Kahneman
Overall Sentiment: 0.206662
Relevance: 0.778353
Disambiguation: Academic | AwardWinner | ScientistReferences:
Additional Info:
NaturalDisaster: hurricane
Overall Sentiment: 0.0826279
Relevance: 0.912093
Facility: hardware store
Overall Sentiment: 0
Relevance: 0.787574
GeographicFeature: East Coast
Overall Sentiment: -0.126401
Relevance: 0.52153
Webpage Meta
Source URL: Click Here
Provided Desc:
Webpage Provided Keywords:
Webpage Provided Title:
Provided Desc:
Like millions of other people, I stocked up on canned food this weekend. Why didn't grocery stores raise prices to take advantage of the pre-hurricane rush?
Webpage Provided Keywords:
Webpage Provided Title:
Why Economists Love Price Gouging, And Why It's So Rare
No comments:
Post a Comment