As the East coast struggles in the wake of yet another hurricane, Aaron and Tyler discuss a notion often brought up in the wake of such tragedies: price gouging. Tyler argues that price-gouging is a more complex economic issue than most of our cultural dialogue would suggest, even responding to some specific “hot takes” on the subject. Aaron discusses how the emotions which we feel during such tragedies can lead to bad decision making based on the over-use of heuristics. Aaron then rants about academia a little bit, before Storytime with Uncle Tyler explores a video game from Tyler’s past.
Andrew Ross Sorkin’s article on price gouging:www.nytimes.com/2017/09/11/business/hurricane-price-gouging.html
Economist Victor Claar’s defense of price gouging:www.detroitnews.com/story/opinion/2017/09/07/price-gouging/105342792/
Acton’s Joe Carter on price gouging ethics:blog.acton.org/archives/97702-thinking-about-the-ethics-and-economics-of-price-gouging.html