Price gouging is the practice of increasing the prices of goods, services, or commodities to a level much higher than is considered reasonable or fair.
These are terms from economics and terms from real life butting heads. The morality of economics is all over the place, so a moral judgement such as whether a price is "fair" or "just" of course will not make sense in economics. That doesn't mean the concept is novel, unusual, or unreasonable, it's just not expressed through the medium of economics. The idea of price gouging is as old as society itself. We have found evidence of price gouging in mesopotamia (Ea Nasir memes being popular examples), so the idea that politicians invented the idea of using control of prices in a cruel or unfair way is silly. Just because we're talking about the economy doesn't mean ideas outside of economics aren't relevant.
Big examples of this include meat packers, hospitals, internet providers, energy companies, and home rentals. Many providers are utilizing technology like YieldStar to create virtualized cartels to engage in price fixing.
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[ 4.4 ms ] story [ 37.6 ms ] threadImagine ridiculing someone for asking for a raise “just because they felt they could”.
The market will humble those who misstep, as we are seeing here.
I personally think that’s a perfectly reasonable and fair approach.
The cool thing is that if lots of money can be made with a good, supply will increase and people will be able to demand lower prices as a result.
Whereas, if you artificially cap the price of a good, you get a shortage. Always.
It simply does not exist in markets.
https://en.wikipedia.org/wiki/Monopoly_price
Big examples of this include meat packers, hospitals, internet providers, energy companies, and home rentals. Many providers are utilizing technology like YieldStar to create virtualized cartels to engage in price fixing.