Price Gouging Is Real Regardless of What the “Free Market” Says

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

that their prices are too high; and if government is going to act, it should act on the side of the consumer as much as it possibly can.  Bailing out a business, industry or bank should not be the first go-to of the government.  But, supplying the citizens with money should be.  To me that would spur economic growth and maybe encourage their hand at starting a small business to support their local communities.

To me, when we, the people (acting as the government) have to continue to bail out the same people or existing businesses who are in the “free market" is an indication that somebody doesn’t know what they are doing and something new needs to be done.  What are your thoughts? Add to the discussion.