Even the opposite of price gouging has gotten me. More than once I was very annoyed that what I wanted was on sale and thus sold out when I would have gladly paid the regular price to have it available.
The late great economist Professor Walter Williams penned this great column in 2005 shortly after Hurricane Katrina, in which lots of political establishment hand-wringing over “price-gouging” was all over in the media and was the topic du jur in Washington, D.C.
Footnote: I really miss Walter Williams … he passed a few years ago. He would frequently guest host on Rush Limbaugh’s radio program, and when he did, I would always try to tune in to hear his economical wisdom.
Ayn Rand wrote a little book unlike her novels; it didn’t have a plot but was an outline of some of her philosophical principles she illustrated in the better known novels. It was called THE VIRTUE OF SELFISHNESS, and I read it so many years ago I can only hope my paraphrasing is somewhat accurate. She said much of the misery in the western world could be alleviated if people were all to act in their own self interest, that it was the urge to altruism that caused the problems. Much as you have illustrated today, Ken.
So, this is a good thing? Trying to keep Texans from wasting natural gas by heating their homes?(Bloomberg) — Natural gas prices shot up more than 400% as a deep freeze is set to hit Texas, potentially sending demand for the heating fuel soaring.
I didn't realize there were such altruistic reasons for raising prices. Here I've been blaming Biden and his omics for high fuel prices and it's the benevolence of the oil industry desperately trying to protect the environment by keeping the fuel in underground tanks. I kinda get what you are saying, but, then again, I kinda don't. Grade C at best.
I have been forced through difficult economic times (thank you JB!) to survive by driving (my pick up truck nonetheless:( for Uber, Lyft and a local private transport co. Aside from the local transport co. the other 2 ride share app co.’s are screwing their drivers to the proverbial wall. It’s price gauging on another level. I randomly poll my riders with how much they pay versus what I make off the fare. 8 times out of 10; the disparity is between 40-60 plus % that goes to the co.’s. Often times being asked to drive a fare a considerable distance for a pittance. It’s abominable!
Even the opposite of price gouging has gotten me. More than once I was very annoyed that what I wanted was on sale and thus sold out when I would have gladly paid the regular price to have it available.
The late great economist Professor Walter Williams penned this great column in 2005 shortly after Hurricane Katrina, in which lots of political establishment hand-wringing over “price-gouging” was all over in the media and was the topic du jur in Washington, D.C.
See: http://walterewilliams.com/the-role-of-prices/
Footnote: I really miss Walter Williams … he passed a few years ago. He would frequently guest host on Rush Limbaugh’s radio program, and when he did, I would always try to tune in to hear his economical wisdom.
R.I.P. Professor Walter Williams
I wasn't familiar with him. Thanks!
Ayn Rand wrote a little book unlike her novels; it didn’t have a plot but was an outline of some of her philosophical principles she illustrated in the better known novels. It was called THE VIRTUE OF SELFISHNESS, and I read it so many years ago I can only hope my paraphrasing is somewhat accurate. She said much of the misery in the western world could be alleviated if people were all to act in their own self interest, that it was the urge to altruism that caused the problems. Much as you have illustrated today, Ken.
I didn't know she had a "little" book in her. Good to know!
So, this is a good thing? Trying to keep Texans from wasting natural gas by heating their homes?(Bloomberg) — Natural gas prices shot up more than 400% as a deep freeze is set to hit Texas, potentially sending demand for the heating fuel soaring.
I didn't realize there were such altruistic reasons for raising prices. Here I've been blaming Biden and his omics for high fuel prices and it's the benevolence of the oil industry desperately trying to protect the environment by keeping the fuel in underground tanks. I kinda get what you are saying, but, then again, I kinda don't. Grade C at best.
Build more nuclear plants to get an A+. That’ll give natural gas some pricing competition.
I have been forced through difficult economic times (thank you JB!) to survive by driving (my pick up truck nonetheless:( for Uber, Lyft and a local private transport co. Aside from the local transport co. the other 2 ride share app co.’s are screwing their drivers to the proverbial wall. It’s price gauging on another level. I randomly poll my riders with how much they pay versus what I make off the fare. 8 times out of 10; the disparity is between 40-60 plus % that goes to the co.’s. Often times being asked to drive a fare a considerable distance for a pittance. It’s abominable!
Only + to price goung is to get more product to the people
Otherwise unfair for those hit by gouging