The author: "That's the unappreciated benefit of freely fluctuating prices. They get people to do voluntarily what's in the social interest -- conserve on goods and services that have become scarce." So-- If the price of a loaf of bread doubles, so I can only afford to buy half a loaf and be hungry most of the day, that's a good thing?
Here's a which-is-better question for you. Suppose a New Jersey motel room rented for $125 a night prior to Hurricane Sandy's devastation. When the hurricane hits, a husband, wife and their two youngsters might seek the comfort of renting two adjoining rooms. However, when they arrive at the motel, they find that rooms now rent for $250. At that price, they might decide to make do with one room. In my book, that would be wonderful. That decision would make a room available for another family who had to evacuate Sandy's wrath. New Jersey Gov. Chris Christie and others condemn this...
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