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At least 34 states have adopted some version of them. They certainly sound like a justified policy solution to a serious problem. What if the neighborhood grocer had, in response to Eagle Mountain’s water shortage, jacked up its prices on water? Wouldn’t that have been unfair, unscrupulous and amoral? Perhaps. It certainly wouldn’t have won the store any new fans from the locals and likely would have cost it customers in the long run. Which is probably why the grocer didn’t do it.
But as the picture shows, when demand rises but prices don’t, you get shortages. Because the price is so low, those in the front of the line buy more than they need, leaving none for those who follow. There likely were people in Eagle Mountain left without any water at all that night and the following day.
In a town about an hour away from the hurricane zone, a few enterprising guys rented refrigerated trucks and filled them with readily available ice and drove to Munger’s city. Along the way they cleared fallen trees from the roads so they could pass safely and get their product to market. This also had the effect of clearing it for the general public and emergency responders.
Once there, they started selling ice for an expensive $8 a bag. According to Munger, people were angry at the price, but they lined up to pay it. And life-saving ice began to flow into the city. But North Carolina had an anti-gouging law, and soon police came and shut down the operation, took the sellers to jail, and impounded the truck full of ice. No more sellers came. Neither did any ice.
originally posted by: MALBOSIA
However, if you break it down it just means that those with plenty can afford to buy what they can't even use themselves and the those with little can't afford just want they need to live.