note for first half of justice

note for first half of justice - Sze Ho Bus 102 sec 26...

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Sze Ho Bus 102 sec 26 10/2/2011 Note for first half of Justice Philosophers and theologians believed that the exchange of goods should be governed by a "justice price", determined by tradition or the intrinsic value of things. But in market societies, the economists observed, prices are set by supply and demand. There is no such thing as "justice price". (page 4) Economists called price gouging an "Emotionally powerful but economically meaningless expression that most economists pay no attention to, because it seems too confused to bother with". (page 4) Jeff Jacoby, said "it isn't gouging the charge what the market will bear. It isn't greedy or brazen. It's how goods and services get allocated in a free society. " he thinks higher price do far more god than harm, give incentive to supplier to provide more goods and ship it. (page 5) Is it wrong for seller of goods and services to take advantage of a natural disaster by charging whatever the market will bear? If so, what, if anything, should the law do about it? Should the state prohibit price gouging, even it doing so
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This note was uploaded on 11/28/2011 for the course BUS 102 taught by Professor Jasso during the Spring '09 term at UC Riverside.

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note for first half of justice - Sze Ho Bus 102 sec 26...

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