Episode 26: Three Cheers for Price Gougers! (Part 2)
Listen
Subscribe
Now we look at “price gouging” in the Bible and economics. The Bible says very little about “price gouging”, but not because they never heard of it! Several famines are recorded in scripture--along with the high prices that go with them. In fact, Revelation describes high food prices, and expects us to realize that it’s predicting a time of famine! Scripture is consistent with the law of supply and demand, even though it doesn’t say much about it. Economics tells us that “high prices” are more dynamic than we imagine: raising prices does cost customers, because people react to them by finding alternatives. The result is to balance a scarce resource. After all, what would happen if we forced gas stations to give away gasoline in times of crisis? Think on that one...
Listen
Subscribe
Now we look at “price gouging” in the Bible and economics. The Bible says very little about “price gouging”, but not because they never heard of it! Several famines are recorded in scripture--along with the high prices that go with them. In fact, Revelation describes high food prices, and expects us to realize that it’s predicting a time of famine! Scripture is consistent with the law of supply and demand, even though it doesn’t say much about it. Economics tells us that “high prices” are more dynamic than we imagine: raising prices does cost customers, because people react to them by finding alternatives. The result is to balance a scarce resource. After all, what would happen if we forced gas stations to give away gasoline in times of crisis? Think on that one...
Listen
posted by Len Budney at 9:44 PM
0 Comments:
Post a Comment
<< Home