News for hackers. Stuff that matters.
Re:Economists who defend disaster profiteers are wrong by someguydave on Monday April 13, 2020 @11:40PM (#22862556)
You aren't seeing a "free market" because all of these big corps are scared to death of being accused of "profiteering" on supplies (with potential liability from anti-"gouging" laws), so they can't raise prices. Their only other option is to restrict the buyer's quantities.
Re:Economists who defend disaster profiteers are wrong by perl4ever on Tuesday April 14, 2020 @12:28AM (#22862751)
They can raise prices moderately on everything to make up for it, and/or stock things that are slightly less appealing in normal times to slow turnover and bias sales towards those more in need. For instance, the pasta section was about 5% full and almost entirely things like whole wheat, cauliflower gluten-free, or turmeric. But that's fine with me. Your tone is that this is not the optimal solution and some misguided people are causing it by mistake. I don't think that's the case.

People who get upset about the lack of high prices for scarce commodities seem to me to be inconsistent - if you aren't in a high stakes zero-sum competition, then why should you care much about being able to outbid others? And if you think that you are, how can you ethically defend everyone not getting a minimum ration or be sure that in a so-called free market you will get yours?

Re:Economists who defend disaster profiteers are wrong by sokoloff on Tuesday April 14, 2020 @06:50AM (#22864509)
I think the core belief is that supply and demand is a force that can actually cause more supply to come into a market where there is imbalance. IOW: rather than curtail the expression of demand via rationing, actually increase the supply.

If the marginal profit on TP is $0.10/roll and the price is not allowed to increase in time of excess demand, you’re likely to see factories optimize to squeeze every efficiency out, trying to eek out another penny per pack of 6 rolls.

Imagine instead a world where prices rise in times of excess demand. Producers now have an incentive to maintain flexibility in monthly production, not squeezing the last fractional penny out and instead allowing flex to over-produce when demand is high (and prices/marginal profit is higher).

Likewise, warehouse and distribution adapts to capitalize on high prices, using those high prices as a signal to get more goods to flow to those demanding the goods. In other words, more toilet paper is available for people who want toilet paper.

Instead of today’s world where I have to shop twice a week instead of once, or can’t add a more vulnerable neighbor’s shopping to my own, because we are limited to how many eggs I can buy in a single trip. How does that help anyone’s health?

Re:Economists who defend disaster profiteers are wrong by perl4ever on Tuesday April 14, 2020 @12:32PM (#22867983)
"I think the core belief is that supply and demand is a force that can actually cause more supply to come into a market"

Everybody believes that, in general. But in the short term, the elasticity of supply with respect to price approaches zero. If we ramped up production though, it would be too late, and then there would be a glut.

Re:Economists who defend disaster profiteers are wrong by someguydave on Tuesday April 14, 2020 @01:15PM (#22868586)
How about we let the suppliers and buyers figure that out, rather than having the government get between them with restrictions on how they can contract?
Re:Economists who defend disaster profiteers are wrong by perl4ever on Tuesday April 14, 2020 @05:21PM (#22871612)
Who are the suppliers? The management of the supermarket figured out that the appropriate thing to do was to ration the product. Are you implying they are not suppliers? There's a whole chain of people that work to bring products to people, hence the phrase "supply chain".

If some other store did not ration the product, then they would have empty shelves, so I'd go to the one that did.

Re:Economists who defend disaster profiteers are wrong by someguydave on Tuesday April 14, 2020 @07:04PM (#22872545)
>The management of the supermarket figured out that the appropriate thing to do was to ration the product.

Because they had a government gun to their head in the form of anti-gouging laws, or implications for the same. That's what I am arguing against.

If they were free to set prices, they might consider raising prices to keep stores in stock, rather than ration. They might not, if they calculate it will be a long-term PR hit. But right now, they are not free to choose.

Re:Economists who defend disaster profiteers are wrong by sokoloff on Wednesday April 15, 2020 @03:33AM (#22875437)
Exactly. Every time there’s a widespread power outage in the US, portable generators sell out. Almost every time, portable generators are readily available between 500 and 1000 miles away. Anti-price gouging laws ensure that people in the disaster area are not quickly served with higher-priced but available generators.

Further, local and state politicians and AGs often are seen grandstanding about how they stand ready to prosecute anyone who is raising prices on necessities beyond the normal price (sometimes allowing +10%, but often not even being explicit about that, leaving businesses in a murky area).

Watch for it next time a power disruption hits your local area.

Re:Economists who defend disaster profiteers are wrong by someguydave on Tuesday April 14, 2020 @09:41AM (#22865803)
Agreed. It’s deeply scary to me that it this stuff isn’t intuitively obvious to people who have lived in a free market economy their entire lives. The idea that a Soviet bread line is the most “ethical” way to distribute goods is madness.
Re:Economists who defend disaster profiteers are wrong by someguydave on Tuesday April 14, 2020 @09:36AM (#22865737)
> how can you ethically defend everyone not getting a minimum ration

To me, the fairest way to distribute any good is to the highest bidder. If someone is truly desperate for food, they will find a way to get the money to pay for it. I would rather that food be instantly available to that highest bidder with a true need, rather than having to jump through some kind of Soviet bread line to get their “ration”.

Are you saying it is “ethically” better to have an empty shelf with government price controls than a full shelf with prices set by your high-bidding neighbors?

With an empty shelf there is no negotiation possible, simply the will of the government bureaucrat or store manager (with a government gun to his head). They don’t have any personal knowledge of the hungry.

With a full shelf the food is right there, and it’s only money. The hungry can communicate their immediate need for food on the spot by forking over the cash.

So hell yes the capitalist system is the most ethical. Hunger is a private matter that affects individuals - not a faceless mass to be treated as robots with a government program.

Re:Economists who defend disaster profiteers are wrong by Nursie on Tuesday April 14, 2020 @04:39PM (#22871144)
Historically ignorant and hysterically unethical.

This is one of the saddest things I've ever seen on HN.

Re:Economists who defend disaster profiteers are wrong by quotemstr on Tuesday April 14, 2020 @07:04PM (#22872539)
This is why the label "ethical" has become semantically meaningless. People, as you have done here, just define "ethical" as their own point of view and "unethical" as any point of view they reject.
Re:Economists who defend disaster profiteers are wrong by Nursie on Tuesday April 14, 2020 @07:32PM (#22872729)
If that helps you sleep at night.

Try re-reading the post I replied to. If it's not making you feel a bit sick, might want to spend some time on introspection.

Qu'ils mangent de la brioche though I guess.

Re:Economists who defend disaster profiteers are wrong by quotemstr on Wednesday April 15, 2020 @03:21AM (#22875370)
So your argument is that anyone who has a reaction that differs from yours is just a defective human?

Persuasive.

Re:Economists who defend disaster profiteers are wrong by Nursie on Wednesday April 15, 2020 @05:08AM (#22875839)
No, my argument is that statements like this -

"If someone is truly desperate for food, they will find a way to get the money to pay for it."

Are both massively ignorant and quite sickening, and that if you aren't reacting at least a little bit to that sort of statement too, you may have a serious lack of empathy.

Anyway, good luck in life, I have no interest in carrying on a conversation on this matter any further. If you're not seeing it you're not seeing it, I just hope you never get anywhere you can make policy.

Re:Economists who defend disaster profiteers are wrong by quotemstr on Thursday April 16, 2020 @06:23PM (#22894186)
Your comment is pure emotion. There's no argument or information presentation whatsoever.
Re:Economists who defend disaster profiteers are wrong by Gibbon1 on Wednesday April 15, 2020 @05:43AM (#22875989)
A word, you are a good man. The people you are arguing with are broken.
Re:Economists who defend disaster profiteers are wrong by someguydave on Tuesday April 14, 2020 @08:43PM (#22873183)
Can you address my arguments? My post is based on the ethical principles of dignity and self-determination.
Re:Economists who defend disaster profiteers are wrong by Nursie on Wednesday April 15, 2020 @05:06AM (#22875829)
Your post is bullshit.

"If someone is truly desperate for food, they will find a way to get the money to pay for it."

Just wow. Ignorant and awful.

Re:Economists who defend disaster profiteers are wrong by dhhwrongagain on Wednesday April 15, 2020 @05:22AM (#22875893)
Sounds like you’re just having an emotional reaction instead of engaging his point in good faith. If you’re so empathetic, maybe you should remember that the person who made that point is a human being and not a monster.
Re:Economists who defend disaster profiteers are wrong by Nursie on Wednesday April 15, 2020 @05:38AM (#22875965)
There's not really a point there, just ignorance on display. People throughout history have starved in gutters for want of money for food, yet here he is espousing the idea that if you just want it hard enough, you'll find the money to eat, regardless of price gouging, shortage or whatever else. This is just factually wrong.

And if you end up going without, that's your issue. Not only that, but that's the best and fairest system, the way it should be! This is a pure expression of "Fuck everyone else, I got mine"

> maybe you should remember that the person who made that point is a human being and not a monster.

Yes, totally, because saying their posts are ignorant and cruel is totally the same as treating them like something other than human.

Re:Economists who defend disaster profiteers are wrong by someguydave on Wednesday April 15, 2020 @12:12PM (#22879492)
My intent, like the sister post claims, is to help the folks who are in the most dire straits, with the least access to food or money.

If we arrange the rules of human behavior, such that there is an incentive to create a surplus of food and money, then the poor will be much better off.

Those who have tried to simply make a law that says "no one is allowed to die of huger" have created monstrous regimes which led to the starvation of millions.

Re:Economists who defend disaster profiteers are wrong by dhhwrongagain on Wednesday April 15, 2020 @06:01AM (#22876075)
There actually was a point. His point is that, while it might seem counterintuitive, allowing suppliers to price with demand may improve the situation for the majority of people, even if that permits a minority of individuals to fall by the wayside. He’s making a plea to look at this from a systemic angle. You totally missed that because you jumped to demonizing him for even suggesting the idea.

If you’re hearing “fuck everyone else” that’s pure projection. You’re obviously putting words into his mouth. That seems cruel to me and counterproductive.

You should be more empathetic when you discuss with people on the internet, assume good faith.

Re:Economists who defend disaster profiteers are wrong by Nursie on Wednesday April 15, 2020 @06:08AM (#22876111)
I have assumed good faith, I have not once assumed them of being dishonest or disingenuous. I believe that they believe what they are writing. Neither am I demonising someone for suggesting the idea that demand pricing may improve supply. I'm pointing out that their statements are inaccurate and their attitude cruel. If I'm demonising them it's for their attitude to other humans.

> If you’re hearing “fuck everyone else” that’s pure projection.

  "If someone is truly desperate for food, they will find a way to get the money to pay for it."
  "The hungry can communicate their immediate need for food on the spot by forking over the cash."
  "Hunger is a private matter that affects individuals"
You can take it I disagree with your assessment.
Re:Economists who defend disaster profiteers are wrong by dhhwrongagain on Wednesday April 15, 2020 @06:17AM (#22876173)
Good faith is just as much about assuming good intent as it is about assuming genuineness. All of those statements are a far cry from “fuck everyone else.” The underlying intent could just as easily be “this can help more people.” It’s an unfair exaggeration that only serves to justify your indignation.
Re:Economists who defend disaster profiteers are wrong by Nursie on Wednesday April 15, 2020 @06:23AM (#22876198)
The underlying intent may well be that, but it is couched in both ignorance and callous disregard for others.

At this point we're just going round in circles.

Re:Economists who defend disaster profiteers are wrong by dhhwrongagain on Wednesday April 15, 2020 @07:36AM (#22876574)
> The underlying intent may well be that, but it is couched in both ignorance and callous disregard for others.

Nope, that’s just your projection. You’re callously disregarding him.