![]() Hurricane Harvey flooding dredges up scams related How companies are helping with Hurricane Harvey relief efforts ![]() It isn’t intuitive, he said, but it’s right. Salinger said letting the markets work, allowing price hikes during disasters is the moon answer. “No,” said Dennis, “but it makes a lot more sense than the moon.” “You don’t really believe that?” asked the father. When the whale swishes his tail one way, the tide goes in, and when he swishes his tail the other way, the tide goes out. Dennis offered up another explanation, that the tides were caused a big whale in the ocean. To make his point, Salinger recounted a “Dennis the Menace” cartoon he remembers from his childhood.ĭennis asked his father what causes tides. “Price gouging laws stand in the way of the normal workings of competitive markets,” explained Michael Salinger, an economics professor at Boston University and former director of the Bureau of Economics at the Federal Trade Commission. Sky-high prices are the market at work, the basic laws of supply and demand in action. He said his office has received hundreds of reports of profiteering.īut most economists think those high prices can actually benefit communities during a crisis. ![]() The state attorney general has threatened to prosecute people who jack up their prices in the wake of the flooding caused by Harvey. Charging flood victims $30 for a case of water or $10 for a gallon of gas doesn’t sit right.Īnd a majority of states, including Texas, have laws against price gouging. ![]()
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