Sandy, Economics, & Price Gouging – Questions

Dr. Horwitz asks a fantastic question. And great additional links below worth checking out. If you get a chance listen to this interview, Munger on Price Gouging, it’s absolutely spot-on.

[UPDATE: 11.05.12 8:30pm: Ever get the feeling that they’ll simply never get it? – New York attorney general launches Sandy price-gouging probe – Reuters]

I’ll ask a related question. If the now alleged “gouging” price is too high, please explain what made the previous price proper or correct?

A Question for the Defenders of Anti-Gouging Laws – Bleeding Heart Libertarians: If you believe that it is a good thing to pass laws that prevent sellers of water or ice or generators from raising their prices after a natural disaster, are you willing to pass a similar law that prevents roofers, carpenters, cleaners, electricians, and plumbers from asking for a higher hourly wage in that situation? We know that after natural disasters people in these professions command higher wages. If not, what’s different about the cases?

Related links:
Price Gouging Laws Hurt Storm Victims – Forbes
Want to End Sandy Shortages? Let Gougers Gouge! – Forbes
Economics of Natural Disasters
The Law of Demand – The Freeman
Gas Lines, Gouging, and Hurricane Sandy: Keeping Prices Low Means Nobody Gets Fuel
Hurricanes Are Nature’s Keynesianism
Munger on Price Gouging
The Price is Right
Gouging Reality