
Mike Munger – COVID-19 Interview
Policy@McCombs
The Role of the Debt Dynamic in Price Gouging
The Munger family received a shipment of 90 to 96 rolls of toilet paper from Walmart today. Prices are an abstract decentralized signal that tells everybody, look, there's not enough of this stuff. We need this for someone else. If you have a policy that suppresses prices, you destroy the signal and you do nothing to address the problem of scarcity. The choice in an emergency is between two not very good options: High prices or empty shelves.
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