Pros And Cons Of Price Gouging

What determines one’s morality? It’s usually defined by what someone does particularly when it’s a selfless action or kind gesture. A kind gesture that many overlook is the practice of price gouging. Price gouging is the process of raising prices of products or services over what people call fair. People usually say that price gouging is immoral and a majority of states declare it illegal, should that be the case? People claim that price gouging is abusing the buyers in need, but they’re missing the bigger picture, the economy. To argue for the beneficial properties of the negatively named action three questions must be answered: Why is price gouging illegal? How can price gouging go from being illegal to benefitting the economy? In what way …show more content…
Thinking back to basic economics if the demand goes up for a product the price usually increases. What makes price gouging different from that? The obvious answer being one’s during time of peace why the other is during the time of an emergency. For the economy this is an almost essential step for profit and growth. If the producers raise their prices they take in more income, that money eventually leads back to the state or business partners allowing more cash flow to regulate in the state than there would have been. It’s understandable though why the consumers think they are getting ripped off, they have to pay more when their financial status can easily be damaged. Though businesses are trying to profit, their ulterior motive is to help the …show more content…
In this case people who disagree with price gouging most likely pass by the benefits of it, and don’t think from the sellers’ perspective. This perspective is usually portrayed as cruel and animalistic, but it changes when you analyze it. You learn that their price gouging isn’t just for profit, but it benefits the community while strengthening the economy, a task that is most noble and not easily