We haven’t heard that much (yet) about price gouging in the wake of Isaac. Mark Perry has a nice graphic that shows price gouging – that nobody seems to care about – in full force in a seemingly unlikely place: Orioles baseball tickets.

If you click over, you’ll see (by inference and association) that the “price gouging” is not at all limited to Orioles tickets. No, it’s actually a pretty common practice amongst all sorts of ticket, hotel room, plane ticket, etc. kinds of goods. The thing about it is that this is exactly the same thing that occurs in the wake of storms when merchants raise prices on things like food, water, and ice. Prices respond to market conditions. Failure to allow prices to respond results in shortages. In the ticket market, it results in scalping. In the storm recovery market it results in dead people. Markets save lives.

-JD Cross

 

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