price gouging

Supremo Vs. Invisible Hand: Battle over New Zealand Earthquake Recovery Approach

Economics, Liberty, Politics / By

Michael Giberson Post-earthquake in New Zealand, a battle emerges over the best system for rebuilding: Supremo vs. the Invisible Hand. Supremo has its backers: [Construction economist John Jackson said:] Rebuilding should be led by a “supremo”, such as a senior military officer with engineering corps experience, as was chosen for Darwin, and New Orleans after Hurricane …

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More on Unconscionability and Price Gouging Law

5 Comments / Economics, Regulation / By

Michael Giberson [This post is second of two on Eisenberg’s essay on unconscionability. Link to part one.] Having spent a little more time with Eisenberg’s essay on unconscionability, I’m less enthusiastic than I was at first, but let’s take a look.  Eisenberg advanced two cases in his essay: The Desperate Traveler and The Desperate Patient. …

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Unconscionability and Price Gouging Law

1 Comment / Economics, Regulation / By

Michael Giberson [This post is first of two on Eisenberg’s essay on unconscionability. Link to part two.] Use of vague concepts like “unconscionability” in price gouging laws creates problems. Businesses are not always sure what prices are legal under such laws, and as a result may price products uneconomically low or remove products from the market …

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Chevy Volt and the Definition of Price Gouging

11 Comments / Economics, Regulation / By

Michael Giberson The upcoming highly publicized, somewhat politicized release of the Chevy Volt is attracting some unfavorable attention because of the significant dealer markup that at least some Chevrolet dealers are seeking. Edmunds AutoObserver reports being asked for $20,000 for the dealer in addition to the MSRP of $41,000. Around automotive blogs, the phrase “price …

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Is a Post-disaster Building Permit Fee Increase an Example of Price Gouging?

4 Comments / Economics, Regulation / By

Michael Giberson After a severe thunderstorm pelted The Village, Oklahoma with “golf ball- to grapefruit-size hail,” leaving almost all of the 5000 or so homes in the town in need of roof and other repairs, the city council voted to increase the cost of a building permit from $110 to $150. A couple of folks …

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Tennessee Ag Settles Price Gouging Claim Against Knoxville Gasoline Retailer

Economics, Politics, Regulation / By

Michael Giberson Fall 2008 was a time of rapidly falling wholesale and retail gasoline prices throughout the United States, interrupted briefly due to the market disruptions of Hurricanes Gustav and Ike in early September. In Tennessee, retail price increases surrounding Hurricane Ike resulted in more the 4,000 complaints to the state government. Resulting investigations by …

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White House Declares Emergency in Massachusetts Water Main Break. In Related News, Water Main Break is Already Repaired.

Economics, Miscellany, Politics / By

Michael Giberson I don’t know the answer, so someone let me know if you do, but has the President of the United States ever declared a state of emergency over a local water main break before? According the the announcement, “The President’s action authorizes … Federal Emergency Management Agency (FEMA) to coordinate all disaster relief …

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Is Price Gouging on Bottled Water Against the Law in Massachusetts?

10 Comments / Economics, Politics, Regulation / By

Michael Giberson A significant water main break affecting over 2 million people in the suburban Boston area has lead the Massachusetts Governor Patrick Duval to declare a state of emergency.  A boil water order is also in effect.  Subsequently, the Governor directed the state’s Division of Standards “to closely monitor bottled water prices in areas affected …

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South Africa Hotel Price Gouging Study

1 Comment / Economics, Professional sports / By

Michael Giberson International accounting firm Grant Thornton has surveyed 2,500 hotel and other properties in South Africa and concluded that about half of the properties will not be charging a premium rate during the upcoming World Cup.  In some cities, however, a majority of properties were raising rates, sometimes significantly. (Another summary: “Fifty three percent …

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Georgia Bill Would Add Useful Flexibility to Price Gouging Law

1 Comment / Economics, Energy markets / By

Michael Giberson A bill passed by the Georgia state senate would add some helpful flexibility to the state’s anti-price gouging law.  The primary purpose of the bill would be to allow the state to limit the range of items for which the price gouging rules will be enforced based upon the nature of the emergency.  …

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