478-The Utility and Morality of Price Gouging
Radical Personal Finance
Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP
4.2 • 1.9K Ratings
🗓️ 29 August 2017
⏱️ 96 minutes
🧾️ Download transcript
Summary
Whenever there's a natural disaster, we have various articles on price gouging's lamentability, to wit, its harmfulness and illegality.
But, is it really bad?
I say not.
"Price gouging" (or, more accurately stated, the adjustment of market prices to meet changing demand) has tremendous utility for the well-being of all involved and is absolutely upright, moral, and ethical.
Of course, this guy says it's wrong, morally and economically. I deal with his "arguments" in the show.
Joshua
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Transcript
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| 0:00.0 | Today in Radical Personal Finance, the show dedicated to providing you with the knowledge, |
| 0:26.3 | skill, insight and encouragement you need to live a rich and meaningful life now while |
| 0:30.5 | building a plan for financial freedom in 10 years or less. |
| 0:33.0 | My name is Joshua and I am your host today. |
| 0:35.0 | Let's continue on this natural disaster theme |
| 0:38.0 | with a vigorous and hopefully interesting discussion |
| 0:42.0 | of the ethics, morality, and utility of price gouging. This subject is one that is near and dear to my heart after just about every single |
| 0:58.7 | natural disaster almost immediately in the before and after, of a natural disaster, we start reading |
| 1:06.9 | articles of Price Gouging. |
| 1:09.3 | And I have been fascinated to watch the events in Houston over the last few days. I've got three screens |
| 1:15.5 | going on my desk the last couple days while I work just with the sound turned off |
| 1:20.6 | watching the all of the live feeds from Houston and Texas-based TV |
| 1:26.8 | local TV channels. And what always happens in the middle of a natural |
| 1:31.3 | disaster is you start getting this these discussions on price gouging |
| 1:36.3 | here a couple of headlines local headline from K-H-O-U which is one of the TV stations there in the Houston area. |
| 1:43.0 | Interestingly, this is the TV station that was flooded out. |
| 1:46.3 | The reporters of KHOU were actually on TV |
| 1:51.7 | when the water started flooding in to their studio and they had to evacuate their |
| 1:56.1 | studio and go to a makeshift backup location in order to stay on the air. But hear from yesterday, August 28, 2007, Houston, headline, how to report price gouging from Hurricane |
| 2:06.6 | Harvey. |
| 2:08.6 | Houston claims of price gouging have been surfacing throughout the Houston area. |
| 2:11.7 | Many say they're being forced to pay excessive amounts of money for necessities ahead of Hurricane Harvey. |
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