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FEATURED ARTICLES

Price Gouging Is Fine but Humans Are Better

Michael L. Davis
November 6, 2017

When we economists argue against laws that prohibit price gouging during emergencies, we point out, correctly, that such laws create shortages, reduce the incentive to conserve, and discourage suppliers from supplying more. This month's Econlib Feature Article author, economist Michael L. Davis, agrees with that. But, he points out, we should be more restrained in our celebration of price gougers. The case against laws restricting price gouging, he writes, shouldn't rest on the assumption that people are greedy. They are often not greedy and, in fact, are often generous. Davis's case against price-gouging laws is that such laws limit the ability of good people to do useful things. He concludes, "Economics doesn't teach us that markets are always good; it teaches us that people are really good at figuring out when to rely on markets."

Arnold Kling

Law, Legislation, and Leoni

Arnold Kling
November 6, 2017
What do the legal system and the market system have in common? Do they share the same goals? The same challenges? This month, Arnold Kling explores this relationship, looking at legal scholar Bruno Leoni's classic, Freedom and the Law.
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FEATURED COLUMNS

THINKING STRAIGHT

Anthony de Jasay

Vanity Fair

Anthony de Jasay
November 6, 2017
How does vanity play in politics? This month, Anthony de Jasay explores that quality he thinks typifies French politics, much to its detriment.
MORE ARTICLES BY ANTHONY DE JASAY

AN ECONOMIST LOOKS AT EUROPE

Pedro Schwartz

King Midas in the Indies

Pedro Schwartz
November 6, 2017
How much do we really know about the new routes and systems of trade wrought by the Columbian exchange? Pedro Schwartz brings his sharp economic eye to this history this month, focusing particular attention to the effect of gold and silver on the price level in Europe.
MORE ARTICLES BY PEDRO SCHWARTZ