Search Results for: price gouging

Are ‘outsiders’ More Likely to Be Accused of Price Gouging?

2 Comments / Economics, Law, Politics / By

Michael Giberson Are price gouging laws applied fairly? This past week Tropical Storm/Hurricane Isaac lead to disaster declarations and the invocation of price gouging laws in several gulf states. Here are a few selected quotes from all four price-gouging related press releases issued last week by Mississippi Attorney General Jim Hood: August 28: “Attorney General …

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Price Gouging Worries in the Aftermath of Mid-atlantic Thunderstorms, Power Outages

1 Comment / Energy markets, Regulation / By

Michael Giberson The thunderstorms that tore up the Mid-Atlantic at the end of June left many thousands of people without power, sometimes for several days, during some unusually hot early summer weather. Among other things, the aftermath has been filled with price gouging complaints directed at hotels, gasoline stations, and retailers selling ice (and another). Maryland …

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Price Gouging in Literature: Little House on the Prairie’s “The Long Winter”

Books, Economics, Liberty, Regulation / By

Michael Giberson Jeremy’s Blog at LDSLiberty.org comments on a price gouging episode in The Long Winter, the sixth book in the Little House on the Prairie series by Laura Ingalls Wilder. Due to a long winter of snow and storms, the people in the town of De Smet are at the point of starving.  Suddenly …

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Zwolinski: “Is Price Gouging Immoral? Should It Be Illegal?”

1 Comment / Economics, Liberty, Politics, Regulation / By

Michael Giberson Five minutes of Matt Zwolinski on price gouging (from Learn Liberty). [youtube=http://www.youtube.com/watch?v=h9QEkw6_O6w] If you think price gouging should be against the law, watch this video. Are you persuaded by Zwolinski? Let me know in the comments. MORE: Zwolinski has written serious philosophical works on price gouging,which makes the clarity of his position in …

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Are Refiners and Wholesalers Price Gouging on Petroleum Products in Alaska?

3 Comments / Energy markets, Politics, Regulation / By

Michael Giberson As the chart below shows, during the summer of 2008 gasoline prices in Anchorage, Alaska switched from following typical prices in the lower 48 to a modest but notable amount above such typical prices. Not shown, but you can check it out at Gasbuddy.com where I generated the chart, after the summer of …

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Super Bowl Price Gouging Complaints

3 Comments / Economics, Professional sports, Regulation / By

Michael Giberson If you follow price gouging headlines, you become accustomed to seeing price gouging stories around big sports events: the Rugby World Cup, NASCAR races, NCAA basketball finals, and always the Olympics (a selection: Barcelona 1992, Atlanta 1996, Sydney 2000, Salt Lake City 2002, Athens 2004, Vancouver 2010, London 2012, and finally this extreme example). All of …

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Price Gouging Allegations on Cancer Drugs

1 Comment / Economics, Regulation / By

Michael Giberson If you think political interference in gasoline markets is excessive, try reading about drug pricing for a while. From the Los Angeles Times: “Shortage of cancer drugs tied to simple economics, experts say.” And by “simple economics” they mean the perverse incentives created by government regulation that induce oncologists to prefer prescribing more …

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Price Gouging Laws Wasted Resources During the Hurricane Irene Emergency

Economics, Energy markets / By

Michael Giberson In a post at the Master Resource blog I point out another problem with anti-price gouging laws: during actual emergency conditions both state governments and consumers likely have much more important things to do that worry about whether particular price increases are unconscionable under the state’s understanding of that term. Among other points, …

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Passage of Wisconsin’s Anti-price Gouging Bill Boosted by President Bush’s Public Remarks

2 Comments / Economics, Energy markets, Law, Politics / By

Michael Giberson Wisconsin didn’t have an anti-price gouging law in 2001, so the state government’s response to post-9/11 reports of gasoline price gouging was pretty limited. While the Wisconsin governor called for an investigation of gasoline retailers, for all practical purposes the investigation was limited to fighting collusion in price setting and instances in which stations …

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Post 9/11 Gasoline Price Gouging in Wisconsin: Two Views

4 Comments / Economics, Energy markets, Politics / By

Michael Giberson The terrorist attacks of September 11, 2001, created a great deal of uncertainty and fear among Americans. In the retail gasoline market, some (but not all) consumers reacted to the uncertainty and fear by heading to a gas station to fill up their tanks. Some (but not all) gasoline retailers reacted to the …

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