Episode 162: The Law of Demanding More Supplies
Words & Numbers
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The Importance of Economics in Times of National Stress
If something is scarce, it will be ration. You can impose a law that says the store may not charge more than $3. But either way, you cut it, you end up paying $100 for the bottle of hand sanitizer. It's beyond a nuisance that I'm going to have to overpay on one hand or wait in line or hunt and pack for things on the other. Neither of these things are great. And I would submit every time that rationing by price is far better.
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