The Morality of Price Gouging
Q&A Radio: 12 January 2014, Question 3
I answered a question on the morality of price gouging on 12 January 2014. You can listen to or download the podcast of just this question below – or check out the whole episode of Philosophy in Action Radio.
Is it morally wrong to profit from someone else's distress? People often decry "taking advantage" of other people as cruel and wrong. For example, suppose that a person desperately needs water after a hurricane or other natural disaster. I charge him $1000 for a gallon jug, knowing that he can pay that much if he's really that desperate. Is such price gouging immoral? Is it fundamentally different from other kinds of trade – or just different in degree? Is it morally wrong to profit so handsomely by the distress and scanty options of other people in this way?
My Answer, In Brief: Price gouging is not immoral. So long as the transaction is voluntary, then each side regards himself as better off for having made the trade, and others benefit too. However, choosing not to price gouge is often a very self-interested choice for those interested in creating goodwill and reputation, as well as those who wish to be benevolent.
- Duration: 16:56
- Download: MP3 Segment (5.8 MB)
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About Philosophy in Action
I'm Dr. Diana Brickell. I'm a philosopher specializing in the application of rational principles to the challenges of real life. I received my Ph.D in philosophy from the University of Colorado at Boulder in 2009. My book, Responsibility & Luck: A Defense of Praise and Blame, is available for purchase in paperback and Kindle. The book defends the justice of moral praise and blame of persons using an Aristotelian theory of moral responsibility, thereby refuting Thomas Nagel's "problem of moral luck."
My radio show, Philosophy in Action Radio, broadcasts live over the internet on most Sunday mornings and some Thursday evenings. On Sunday mornings, I answer questions applying rational principles to the challenges of real life in a live hour-long show. Greg Perkins of Objectivist Answers co-hosts the show. On Thursday evenings, I interview an expert guest or discuss a topic of interest.
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