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Their wordsPrice gouging is wonderful for all the reasons that letting supply equals demand is wonderful. When there is a limited supply, then a sharply higher price directs that supply to those who really need it.
Our reading
Mental modelSecond-order thinking
Their wordsHoarding goes with price controls, anticipated empty shelves.
Their wordsBut more deeply, if distributional consequences of a shock are important, then hand out cash. So long as everyone faces the same prices.
Our reading
Mental modelSecond-order thinking
Their wordsWe got inflation, but we did not get the devastation that would have been caused by price controls and rationing.
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