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Here is an outline summary of what I talk about in the podcast:
1. People are always complaining about prices
2. Everyone likes to get paid as much as possible for their own work or goods.
3. Prices are a way to communicate relative value and make decisions about spending.
4. Prices are not a measure of morality or necessity.
5. Sign up for Tom Woods’s Liberty Classroom to learn real economics from Jeff Herbener and Robert Murphy.
6. Prices help direct goods and services where they are most needed or desired.
7. Many people like to complain about prices even though they have personal choices that would allow them to get what they want.
8. Some people have more money than other people and this makes people jealous.
9. Government does a lot to raise the prices of things.
10. Prices are the result of individuals making agreements.
11. Don’t be jealous about someone else’s business opportunity.
Here is an excerpt from the article from mises.org that I mention:
… The irony is that these people who now complain that gasoline should still be $3.00 a gallon (the price before the natural disaster) believed that $3.00 a gallon was a “rip off” when it became the new higher price. Ultimately, if you follow this logic, the only “fair” price to the complainers must be zero! It’s funny how these people change their tune when they are the seller!…read more
from Price Gouging: Economics and Ethics by Ninos P. Malek
