Summary: Recent surges in prices for important commodities like eggs and oil have led to a flurry of politicians and advocacy groups decrying “price-gouging.” But what exactly is price-gouging? As the podcast highlights, most economists would argue that it is a highly subjective concept, rather than a technical economic term.
During World War II, when inflation was very high, the United States government took many different actions to fight it including implementing an income tax, rationing, and price ceilings. Today we have the Federal Reserve which means we will hopefully not have to resort to these drastic measures to fix inflation ever again.
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