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Scott Beyer

Scott Beyer

March 30, 2020

The Case For Price Gouging - Even In A Crisis

Every natural disaster in America raises the same dialogue on price gouging. Whether it’s hurricane evacuations or 100-year floods, businesses respond by raising prices on essential goods that have limited supply but suddenly-high demand. The economists of the world defend this behavior, while the public lashes out and regulators crack down.

It’s been no different during the spread of COVID-19, which has led to thousands of consumer price gouging complaints, and cities and states enforcing their anti-gouging laws. New York City, according to a Daily News report, has already stuck local businesses with $275,000 in fines. These crackdowns came as 311 complaints rolled in about $79 bottles of hand sanitizer and $15 bottles of disinfectant. These fines will only intensify nationwide as price gouging occurs on far more crucial medical supplies like respirators and surgical masks.

These crackdowns will be a disaster...

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