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Friday, December 7, 2012 - 8:38amSanction this postReply
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"So, Locke's argument actually cuts two ways. Not only is it not immoral to charge the market price when the market price is high because of the local circumstances of time and place, it's actually immoral to charge a low price. So, price gouging laws force gas station owners to do something immoral. Which is to encourage people to take too much and not leave gas for other people behind them in line who desperately need it" (Munger on John Locke, Prices, and Hurricane Sandy; link).

Then there's the guy who is rarely a gasoline seller but buys gas from the gas station being watched for gouging and then goes elsewhere to sell it for a higher price.


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Friday, December 7, 2012 - 10:00pmSanction this postReply
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Any government control over prices is immoral! If two or more people enter a transaction whereby they both come to a mutual consensual agreement that is between them. Just as a "monopoly" and anti-trust laws enacted to prevent monopolies are equally immoral, price gouging is a government created strawman.

As for hurricane Sandy it appears that 148 nations that cashed US foreign aid cheques did not lift one finger to aid America in any shape or form during its time of need. The one exception being Israel who sent both gas and generators as well as manpower in order to help out.

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