Image: Microsoft AI Designer generated |
The topic of Price Gouging has been in the public square lately. In an article I saw online entitled Supply and Demand or Price Gouging? An Ongoing Debate, from the Harvard Business School Online, price gouging is simply defined as when companies raise prices to unfair levels. VP Harris has mentioned that she will address the issue when elected President as she should—as any President should have already been doing.
Getting back to the article, I found it interesting because it
was a clear explanation of how supply and demand works (on of the pillars of
our economy) and how price gouging plays a negative role. Visit the article mentioned above. It is very enlightening.
I think businesses who take unfair advantage of their customers should be prosecuted. I also think we as consumers are not necessarily powerless. We could decide not to pay the high price some businesses charge; but that is often labeled as ‘boycotting’ when it’s really not. Businesses need to get the message