tag:blogger.com,1999:blog-6737941.post1573385045095694365..comments2024-01-14T17:27:30.511-05:00Comments on Law, Legislation, and Lunacy: The Elusive Quest for Price GougingDavidhttp://www.blogger.com/profile/14364155797420903461noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-6737941.post-72508179204385719012008-09-16T22:33:00.000-04:002008-09-16T22:33:00.000-04:00Professor Youngberg:I agree. “Price gouging” does...Professor Youngberg:<BR/>I agree. “Price gouging” does not exist. Prices are subjective. The price of something is what it means/worth to you. The price of goods, in this case gas, should not be artificially set at a lower price in order to “protect you from getting ripped off.” If the price is high, and you buy the good, then it was a positive sum game where both parties mutually benefited. It’s simple; if you think the good is overpriced then don’t buy it and go somewhere else. <BR/><BR/>According to the law of supply and demand, setting the price artificially lower then equilibrium will cause shortages. Quantity demanded will be higher then quantity supplied.Anonymousnoreply@blogger.com