Analysis: Price Gouging

Make sure your writing is abundant and thorough, I want to know that you, for a fact read the podcast episode. You will need to prove it with your work so make sure it is very long and detailed. Your assignment is to read the podcast episode titled, "Munger on Price Gouging" with Russ Roberts and Mike Munger on the topic of price gouging. The episode also discusses supply & demand and prices at work.If you are focused on the "morality" or "Greed" of the story, then you will have missed the key points of the assignment. Remember that morality is an individual belief structure, and it changes between culture and time. Morality is simply defined as beliefs about what kind of behavior is good or bad. On the other hand, greed is very simply defined as a selfish desire for more than is needed. We could debate the fact that we all have more than we need ... this is not a relevant topic for us to cover here and now.Question for analysis: What is paradoxical here and what is much more interesting is how self-interested people can achieve the greater good without that being their intention? What happens as a process, while a market develops? Or what would have happened?

URL: https://www.econlib.org/library/Columns/y2007/Mungergouging.html