What are your thoughts on price gouging? Capitalism or predatory? Is it wrong to buy low, hoard, and sell high or is it soulless to take advantage of desperate people?

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If it's required to live (food, water, shelter, medicine, etc) , it shouldn't be subjected to "market" vagaries, because you can't have proper supply/demand mechanics.

Luxury goods though? Go ham. $2000 for a headband from Ali Express with some puka shells glued to it just because it's sold under a specific logo? Go nuts. Special sneakers that you hoarded to create artificial scarcity and then drove up demand with clever marketing? Do you boo, good job.

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I'm from Canada, so the whole predatory for profit healthcare system baffles me.

And I mean, I said "shouldn't" not "isn't" - people profiteer off desperate people all the time with food, water, shelter, etc, I just think it's gross and something we as a society should put a stop to

I have such mixed feelings. As a consumer, I’d rather pay double for something I need than not have it at all. I’m also the type that if I had extra I’d just give it to someone in need. I hate the idea of someone going without because someone else took more than they needed in order to profit off someone else.

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"I'd rather pay double for something I need than not have it at all"

Things like that fall under the category of inelastic demand, or in other words, things that people will pay for regardless of price, because they need it. An example of that would be medication and healthcare. We're starting to see it now with rent, as corporations and banks are creating artificial housing scarcity and essentially making rent a necessity. Or the electricity grid in Texas.

Anywhere you see inelastic demand, you'll also see capitalists taking advantage of it. People go into lifelong debt for medical treatment. People have to resort to working multiple jobs just to make rent. And during last year's snowstorm in Texas, the electric utility company took the opportunity to gouge electric prices on people desperate for electricity.

The only incentive *against* that type of abuse is an individual's own sense of morals. But since capitalism rewards abuse and extortion, those who make it to the top generally do so because they choose to abuse and extort their way to the top. The people making those decisions aren't concerned with morals.

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I’m with a lot of others. Bare essential item’s probably shouldn’t be hoarded and price gouged later. Luxury items go nuts.

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As far as prescriptions go you can’t go full regulation and control of prices otherwise innovation etc would go down because people wouldn’t be able to profit. But I think there should be caps and limits to profiting and pricing. You have to motivate people to innovate and create better treatments and you have to maintain supply to meet demand to avoid price gouging. I think the pandemic in a lot of industries showed that they could charge absurd amounts for various products due to high demand and low supply. So why increase supply when you can keep high demand and high prices.

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Both. It's capitalism as intended, which is to say predatory.

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For essential items like food and medicine? Soulless. Luxury items are fair game though.

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Does it make a difference if it's on a remote island and the vendor is the only one able to provide the service/product?

I see you listen to POTUS, too

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Yes, I do. Thought provoking question. I was unable to pick a side so I thought I'd ask it here.

I think that’s called ‘rent-seeking’ and is typically frowned upon. :(

I don’t like🧐

As consultants we’re already price gouging what we charge the clients compared to what we’re actually getting paid. The difference just lines the partners’ pockets. Relentless capitalism is a cancer

No worries, I'll do better next time.

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