Price Gouging: Not As Bad As You Think

Written on November 19, 2012 – 2:07 pm | by Brian Wallace |

After hurricane Sandy devastated most of the east coast, New Jersey Governor Chris Christy, made the following statement: “During emergencies, New Jerseyans should look out for each other, not seek to take advantage of each other”.  With more than 600 reports of price gouging after the storm, it sure seems like people were being taken advantage of in their time of need.  Many economists, however, would argue that there is actually a need for price gouging.  This infographic, presented by Best Criminal Justice, breaks down the numbers and the logic behind price gouging.  Check it out below:

Price Gouging – Not as bad as you think. [Infographic]
Price Gouging – Not as bad as you think. [Infographic]
Compliments of BestCriminalJustice.com

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  1. One Response to “Price Gouging: Not As Bad As You Think”

  2. By Peter Egan on Dec 14, 2012 | Reply

    As someone who endures tropical storms and hurricanes seemingly every year (including Isaac this year – which made Sandy look like a mild summer Gulf Coast thunderstorm by comparison), I am shocked at how far the media has blown out-of-proportion the severity of Tropical Storm Sandy for no reason other than the geographic area that the storm made landfall.

    The media’s disdain for the south has never been more evident than the day they termed a minor tropical storm “Superstorm” Sandy while simultaneously minimizing the public cause-for-concern over the three days of pounding the Gulf Coast took from Isaac (a far more serious storm than Sandy).

    Supply-and-demand is still the governing force of any functional economy, and in times of disaster the same rules apply.

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