Wednesday, August 31, 2005

Price Gouging Saves Lives

From the Mises Institute, David M. Brown explains why Price Gouging Saves Lives. A piece to read and save.

One of my pet peeves is the lack of even rudimentary economic knowledge by those who comment on moral or social justice issues. Sadly, this is especially common in my faith, Roman Catholicism, where warmed-over nineteen sixties agitprop is served up as if it were the teachings of the Church, when it is not. This is very common in the American Catholic Church.

There's a touch of narcisism here: we assume that when our actions are noble (e.g., price caps on goods during disasters) that the outcome MUST ALSO BE NOBLE. That we might actually be doing damage, often to those most vulnerable, simply does not occur to us.

A cure for this is Thomas Woods' new book The Church and the Market, which is a Catholic defense of free markets.

Every Catholic should read this book. But start with Brown's article.

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