UPDATED: More Chris Christie Cretinism*: Outlawing Price
‘Gouging’ (Befriending Obama)  Business,Economy,Free
Markets,Private Property,Socialism  In the previous post, we
mentioned an economic fallacy that gets floated during major
disasters. It is that “Storms Create Jobs.” The idea of price
gouging is another example of erroneous economic thinking that
creeps into the discussion, especially during natural- and
government-generated disasters.  Writes Salon’s Matthew
Yglesias:   Even a progressive like Yglesias is able to grasp
some of the natural laws of economics. A sharp rise in prices to
coincidence with reduced supply and an increased demand for a
good signals the need to conserve scare resources:   Still, some
truths escape liberals (and most conservatives). Prices are the
prerogative of private property.  In a free market, the
institute of private property ensures that we have prices.
“Prices are like a compass: pegged to supply and demand they
ensure the correct allocation of resources. Without market