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Everything You Always Wanted To Know About Gouging (But Were Afraid To Ask): A Response To Ramsi Woodcock, Brian L. Frye
Everything You Always Wanted To Know About Gouging (But Were Afraid To Ask): A Response To Ramsi Woodcock, Brian L. Frye
Law Faculty Scholarly Articles
Good scholarship makes you change your mind, but great scholarship
makes you think differently. As usual, Ramsi Woodcock's article "The Efficient
Queue and the Case Against Dynamic Pricing", is great, because it made me
think differently about price regulation. Woodcock observes that prices not
only communicate information, but also redistribute resources. Sometimes,
producers change prices in response to competition or changes in the cost of
production. But other times, they change prices just because they can.
When prices reflect the marginal cost of production, consumers benefit
from market efficiencies. But when prices reflect a surge in demand, they
simply transfer …