In a local news story posted online about the gas lines, I read one comment from a woman saying, "At least they aren't raising prices." She went on to say she had already reported one seller for charging $4.50 for regular — a modest increase. Other commenters cheered her on.
Economic ignorance is widespread. People can't connect the dots between cause and effect. Their response to price increases is emotional, not rational. Politicians are ready and willing to pander to these ignoramuses.
I would say that yes, the shortage is decisive evidence against the anti-gouging laws. And the anti-gouging laws are decisive evidence against democracy.
I just googled the NY law.... "no party within the chain of distribution of such consumer goods or services or both shall sell or offer to sell any such goods or services or both for an amount which represents an unconscionably excessive price." Please define "Unconscionably Excessive" I am guessing how ever the judge feels that day?
In a local news story posted online about the gas lines, I read one comment from a woman saying, "At least they aren't raising prices." She went on to say she had already reported one seller for charging $4.50 for regular — a modest increase. Other commenters cheered her on.
ReplyDeleteEconomic ignorance is widespread. People can't connect the dots between cause and effect. Their response to price increases is emotional, not rational. Politicians are ready and willing to pander to these ignoramuses.
I would say that yes, the shortage is decisive evidence against the anti-gouging laws. And the anti-gouging laws are decisive evidence against democracy.
I just googled the NY law....
ReplyDelete"no party within the chain of distribution of such consumer goods or services or both shall sell or offer to sell any such goods or services or both for an amount which represents an unconscionably excessive price."
Please define "Unconscionably Excessive" I am guessing how ever the judge feels that day?
Funny how movie theaters, stadium vendors and strip clubs seem to be able to charge exorbitant prices for food and drink without fear of punishment.
Delete"I'd rather have no gas at $4/gallon than some gas at a higher price! LET US EAT CAKE!!"
ReplyDeleteYes. Economics in One Lesson is in order for all humanity if they want to have a better life and more control over their own destiny.
ReplyDelete