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[–] derram 0 points 1 point (+1|-0) ago 

https://archive.is/VfQlB | :

Best Buy apologizes after Texas store charges $42 for cases of water

'Best Buy apologized after a store in Cypress, Texas overpriced packs of bottled water on Friday as then-Hurricane Harvey began to unload a historic amount of water on a large swath of the state. '

'Charlson explained that Best Buy doesn't generally sell cases of water, and "the mistake was made when employees priced a case of water using the single-bottle price for each bottle in the case."'

'"This was a big mistake on the part of a few employees at one store on Friday," Carly Charlson, a public relations representative at Best Buy, wrote in a statement provided to Mashable. '

'Part of that flight involves stocking up on necessities such as water, and someone noticed that a Best Buy in Cypress was selling its bottles at a steep price — up to $42.96 per pack. ', "Residents had sent around 500 claims of price-gouging to Paxton's office as of Monday, including reports of water cases sold for nearly $100, gas going for $10 a gallon, and hotel room prices three-four times their regular cost."

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[–] [deleted] 1 point 1 point (+2|-1) ago 

[Deleted]

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[–] Anson 0 points 1 point (+1|-0) ago 

do you believe suppliers didn't JUMP at the opportunity to haul in every last drop of water they could? the answer is no and if you disagree you're wrong.

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[–] Aswimmingday ago  (edited ago)

Don't be a low agency nigger. Keep a supply just for emergency.

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[–] lord_nougat 0 points 2 points (+2|-0) ago 

"Whoops, sorry!"

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[–] daskapitalist 0 points 3 points (+3|-0) ago 

Price gouging is how you solve shortages. Anyone whining about price gouging simply doesn't grasp economics. Here's how it works: a good is in unusually high demand, such as bottled water after a hurricane. Sellers charge much more than normal. Suppliers are then strongly incentivized to truck or boat or freaking carry in more because of the high margin. The end result? Not running out of crucial supplies during the middle of a disaster.

[–] [deleted] 1 point 5 points (+6|-1) ago  (edited ago)

[Deleted]

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[–] daskapitalist 1 point 1 point (+2|-1) ago 

It's all about outcomes. Donated water is free. Water sold at a markup is plentiful. When you're suffering a disaster, running out of essentials is far worse than paying a few extra shekels.

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[–] 1812-was-not-a-tie 0 points 2 points (+2|-0) ago 

The key is that when a good is scarce, some sort of rationing will take place.

Once you look at it from that point of view, the question becomes what sort of rationing is preferred. You may want to have rationing be loving, caring, and fair, like in a happy family, but that doesn't work for nations (see: communism). If instead you allow prices to respect the laws of supply and demand, that has the beautiful side-effect that it creates economic incentives to help.

Hell if the prices get high enough, I'll be driving in water from up here, 2,000 miles away. I'm not a heartless profiteer, I just have my own busy life that I can't put on hold. Unless the price is right.

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[–] Anson 0 points 1 point (+1|-0) ago 

@alopix loves socialism, talk to him. although now that trump has picked up steam he's denying he had anything to do with bernie sanders

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[–] 1812-was-not-a-tie 0 points 1 point (+1|-0) ago 

Prices should be allowed to adjust to laws of supply and demand. There is a very simple write-up by Thomas Sowell which explains why not allowing prices to adjust in times of crisis is bad. Can't find the source, but it works like this:

There is a major environmental disaster. Therefore there is not as much water as usual. Water has become extremely scarce.

===> Some sort of rationing will take place.

There are many possible criteria to ration water:

  • You could keep the price at pre-crisis levels and sell it to whoever comes first. This person is likely to stock up with more than they need, because they know that water is scarce. At best they will distribute some of it to their friends and family.

  • You could have the government seize it all and dole it out as it deems fit. This comes with usual inefficiencies of government.

  • You could jack up the price to $42. This has the disadvantage that the poor will not be able to afford it.

But! Jacking up the price - which is really just respecting the laws of supply and demand - comes with a great built-in advantage. It utilizes the forces of the market to mitigate the crisis. The word will spread that water sells for $42 in Texas, and some profit-seekers will drive water down from Arkansas to sell in Texas. These characters may not be heroic rescuers, you may even dislike them, but the end result is that there will be more fresh water where it is needed.

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[–] Anson 0 points 1 point (+1|-0) ago 

socialism in full effect

#FuckEconomics

#EconomicsIsntReal

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[–] voats4goats 0 points 2 points (+2|-0) ago 

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[–] sunshine702 0 points 1 point (+1|-0) ago 

You can be scumbags sure. But when it gets found out. There is a free market backlash. Bye bye best buy.

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