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A lawyer postulating "price gouging" is price-gouging
Posted by Reality (more from Reality) on Wed, 20 Jun 2012 07:05:15
In Reply to: Re: I was told I'm a scammer..., davidgmills, Tue, 19 Jun 2012 21:23:25
his clients based on his government license limiting supply of lawyers, despite his utter cluelessness with regard to basic economics. Minimum wage is too high a pay for such lawyer.

The time to decide what is "fair" price is before you agree to a deal. When you buy a product P for price $X, you are deciding product P is worth more to you than $X; otherwise why would waste the time buying it? Likewise, the seller decides that $X is worth more to him than (an extra copy) of product P. The deal exists precisely because the two sides have opposite views on the relative value of $X and product P to each self! "Fair" price is simply whatever the two sides agree on. The seller having less copies of P left obviously means the value to him rises (so does it to a buyer who knows the supply of P is running out). The seller would out of business on product P when it runs out. When supply of P is short, price rising is the market solution to prevent shortage, so those with the most urgent need gets it.



posted by 75.67.1...
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