“Among economists, price gouging … simply reflects the emotional response non-economists have to rapid price increases,” write Antony Davies, associate professor of economics at Duquesne University and James Harrigan, managing director of the Center for the Philosophy of Freedom at the University of Arizona, in a recent column . “What politicians and other anti-price gouging proponents would have you believe is that we can have what we want, at the price we want, simply by passing a law.”
Laws can’t change the market conditions that drive prices up.
My intrepid Mercatus Center colleague Veronique de Rugy was a guest this morning on CSPAN’s Washington Journal to discuss what government ought – and ought not – to do in response to the COVID-19 epidemic . (I must say that it hurts my head and saddens my soul to listen to many of the people who call in to this program.)