When I meet people at parties, I’m often asked, “What do you do for a living?” After sharing that I help companies improve their pricing strategies, many smirk and flippantly retort, “Oh, ripping off the consumer.” Sometimes, when I’m not in the mood to share my more benevolent philosophy of offering consumers a selection of pricing options, I simply reply, “As long as the product is not an absolute necessity, everyone always has the right to say ‘no.'” This response seems to neutralize criticism and most people nod in agreement.
The Problem with Price Gouging Laws
They’re politically popular, but encourage hoarding and exacerbate shortages.
July 23, 2013