In class today we discussed how price gouging can be seen as unethical. I can see both of the standpoints as from one side it can be seen as being greedy or taking advantage of times which people are in crisis to make more money out of it. However... apart from making more money for the supplier increasing the prices also ensures that not everyone can buy it. It lowers the demand ensuring that only those who really need to have the item are able to buy it. If the prices were too low in a time of crisis this would cause people who showed up first to be the few who would buy the necessary items before they all run out even if they might not have needed those items as much as someone else would have. Raising the price allows for those who really need a certain product to be able to buy it in a time of need. Is price gouging really bad? or does it simply create an opportunity for only those who most desperately need an item to be able to buy them.
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Hey Carlos! This is a very interesting argument! I have to agree with the idea that raising prices creates the opportunity for those who need the product most during crisis to get it. However, I am curious if this will actually help or just cause those who have a higher income the only ones able to purchase the item.