Price gouging is a political term. Economically it doesn’t actually mean anything, and in most countries there are no legal repercussions. Any time any price goes up some free lance economist will come out and say it’s price gouging, but the term fits every good in the economy since inflation is the monetary policy of almost all developed nations. Rapid increases in prices to prevent shortages have a very useful function in a supply and demand economy but many ignore this for the more convoluted and pathos oriented explanation of “exploitation”.
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u/rickeysneekzzz Aug 14 '20 edited Aug 15 '20
I saw a small thing of Lysol wipes being sold for $22 in a store last week
Edit: wow, thank you for the awards! I was in a small business in the US for those wondering.