The Role of Prices »
I've always enjoyed the columns of Walter Williams. Not only is he a good writer, but he has an entertaining sense of humor to boot, making the reading of his views on our world (and specifically economics) a joy to read. I've actually corresponded with him on at least one occasion about providing a news feed, so I don't have to keep checking his web site for updates. But no luck as yet. Perhaps one day.
Nonetheless, he hits the nail on the head again with his latest column, titled appropriately enough The Role of Prices. In it, Mr. Williams illustrates that the higher prices we see in the wake of Hurrican Katrina may illustrate price gouging by some, but that the role of higher prices makes perfect sense from an economic standpoint.
For instance, I certainly would prefer not to pay $5 or $10 per gallon of gas, but I can bet you if that was an option, I would do two things. First, I would re-evaluate my actions to make sure that I wasn't wasting quite so much - and therefore go longer between fill-ups, and then I would look around for competition that's pricing it cheaper. I don't get why we have a problem with this.
Comments (3)
I did not know you too were a fan of Walter Williams. When he fills in for Rush he likes to say, "Black by popular demand."
Posted by Ted on September 19, 2005 8:30 PM
On a somewhat similar note, let me offer this link
Posted by Ted on September 20, 2005 11:19 AM
Yes, very much in the same vein. Thanks!
Posted by Chad Everett on September 20, 2005 12:09 PM