Link: Cafe Hayek: Magnanimous Merchants?.
You bring up good points. In a shortage, my experience has been first come first served. If you snooze you lose.
In the power outage that affected the eastern part of the US and the midwest, I remember the desperation I felt as I was running out of gas waiting in a one mile long line for gas. I remember wondering how the heck I would be able to drive back home 30 miles away if the gas station I was at ran out of gas.... as I was already on E and driving on fumes.
In a disaster situation, if I need something bad enough.... price doesn't matter if I have the cash. Just sell it to me man!
But if I don't have the cash to pay the post disaster prices... damn you for price gouging.
So let me make it clear. If I have the cash and can afford to buy it.... it's PLEASE AND THANK YOU. If I don't have the cash and cannot afford to buy it even though I need it.... it's DOH! DAMN YOU - YOU GREEDY MERCHANT.
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