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Re: Price Gouging definition quote...
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Posted by Anil [Email] (more from Anil) on Wed, 20 Jun 2012 15:03:32 Share Post by Email
In Reply to: I was told I'm a scammer..., Chadwick [Profile/Gallery] , Tue, 19 Jun 2012 16:07:42
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I'm terribly sorry for the repost...I had failed to highlight the quote.

Anytime a topic takes on a specific 'term'... it helps to understand a foundational understanding of the term.

Again, this is simply a unbiased definition and food for thought and conversation. The following is a copy a definition I copied and pasted from the internet for all to evaluate. The merits of my situation share some commonalities.

[[ 'Price gouging is a pejorative term referring to a situation in which a seller prices goods or commodities much higher than is considered reasonable or fair. This rapid increase in prices occurs after a demand or supply shock. In precise, legal usage, it is the name of a crime that applies in some of the United States during civil emergencies. In less precise usage, it can refer either to prices obtained by practices inconsistent with a competitive free market, or to windfall profits. In the Soviet Union, it was simply included under the single definition of speculation.

The term is similar to profiteering but can be distinguished by being short-term and localized, and by a restriction to essentials such as food, clothing, shelter, medicine and equipment needed to preserve life, limb and property. In jurisdictions where there is no such crime, the term may still be used to pressure firms to refrain from such behavior.

The term is not in widespread use in mainstream economic theory, but is sometimes used to refer to practices of a coercive monopoly which raises prices above the market rate that would otherwise prevail in a competitive environment. Alternatively, it may refer to suppliers' benefiting to excess from a short-term change in the demand curve.' ]]

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