
The Human Action Podcast
Does Advanced Econ Justify Kamala Harris on Price Gouging?
Aug 31, 2024
Dr. Jonathan Newman, an expert on economic policies and government price controls, joins to discuss Kamala Harris's proposals against price gouging. They explore the blurred lines between banning gouging and imposing price controls while critiquing grocery stores as scapegoats amidst rising prices. Newman highlights the historical peaks in grocery pricing and dissects the role of federal monetary policy in inflation. The conversation further considers market-driven solutions during crises and the complexities of price sensitivity in agricultural production.
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Quick takeaways
- Kamala Harris's anti-price gouging proposals lack clarity, obscuring their implications and effectiveness as true price controls in the market.
- Political narratives often scapegoat businesses like grocery stores for rising prices, neglecting fundamental economic principles and broader inflationary causes.
Deep dives
Understanding Price Gouging Proposals
Recent proposals to tackle price gouging reveal a complex interplay between political intentions and economic reality. The vague nature of such proposals allows politicians to avoid scrutiny by not clearly defining what constitutes price gouging. This lack of clarity can muddy the waters around the implications of price controls, with some claiming that bans on price gouging are not the same as price controls. However, any attempt to impose limits on prices effectively functions as a form of price control, raising concerns about its economic consequences.
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