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They Clapped: Can Price-Gouging Laws Prohibit Scarcity? - Econlib

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Hurricane “Fran” smashed into the North Carolina coastline at Cape Fear at about 8:30 pm, 5 September 1996. It was a category 3, with 120 mph winds, and enormous rain bands. It ran nearly due north, hitting the state capital of Raleigh about 3 am, and moving north and east out of the state by morning. The storm also dropped as much as ten inches of rain. In some counties, nearly every building was damaged; total reconstruction cost and damages were later calculated at $5 billion (2006 $). In the Triangle (Raleigh, Durham, and Chapel Hill), more than a million people were without power the next morning. Humidity made everything sticky. Hundreds of homes had roofs damaged by falling pines and powerful winds. Few residences had any kind of back-up power. Many roads were blocked by large fallen trees. Within hours, food in refrigerators and freezers started to go bad. Insulin, baby formula, and other necessities immediately became susceptible to spoilage in the 92+ degree heat. The damage

They Clapped: Can Price-Gouging Laws Prohibit Scarcity? 0 By Michael Munger Categories: Featured Article By Michael Munger, Jan 8 2007 SHARE POST: --> “There were no generators, ice, or chain saws to be had, none. But that means that anyone who brought these commodities into the crippled city, and charged less than infinity, would be doing us a service.” H ere’s the thing: They clapped. I can’t for the life of me understand why the people would clap. But I’m starting in the middle. Here is what happened: Hurricane “Fran” smashed into the North Carolina

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