I support price regulation when called for. Your hyperbole is...not congruent with reality, considering the incredible agriculture subsidies provided and automobile tariffs.
> Something real is going on. In individual markets, CEOs have been bragging publicly that they are restraining production to increase prices. Profit margins in the food industry jumped during Covid and haven’t come back down. Or take rent. There’s a company called RealPage that works with the biggest corporate landlords to hold apartments empty so they can increase prices, which jumped up 11% in 2022. There’s some evidence of conspiracy around pricing in virtually every industry. Turkey, poultry, and pork. Frozen french fries. PVC pipe. Anesthesiology. Oil. Ammunition. Pharmaceuticals. K-Pop. Credit bureaus and FICO, Verisign, industrial gasses, architectural software, locks, entertainment data. Homebuilders. Garden chemicals. Defense and aerospace. Ticketing. Estate Sales. Gaming. Drug wholesaling. Work ID information. Seeds and chemicals.
Laws to crack down on this behavior has popular support, so I won't spend additional time defending the idea in this forum, as it is unnecessary.
> The most popular policies are calling on all states to suspend taxes on groceries (68% selected), cracking down on overcharging by hospitals (66%), starting a congressional committee to hold hearings on and investigate price gouging and overcharging by corporations (63%), requiring public utilities to cut rates for electricity (63%), reducing the deficit by cutting spending (62%), and prosecuting price gougers (61%).
When is price regulation ever called for? The only times I can think of are when there is a monopoly, oligopoly, monopsony, oligopsony or significant externalities.
> Laws to crack down on this behavior has popular support, so I won't spend additional time defending the idea in this forum
The popularity of a proposal has very little to do with its appropriateness.
>I support price regulation when called for. Your hyperbole is...not congruent with reality, considering the incredible agriculture subsidies provided and automobile tariffs.
The outrageous profiteering in food and groceries is not with the hyper-subsidized agriculture industry that grows food and raises livestock, but up the supply chain in the middle-men who buy this to process and package it (especially meatpacking). Consumers, farmers, and grocers would all be served if the monopolies that absorb massive food profits were busted.
> Something real is going on. In individual markets, CEOs have been bragging publicly that they are restraining production to increase prices. Profit margins in the food industry jumped during Covid and haven’t come back down. Or take rent. There’s a company called RealPage that works with the biggest corporate landlords to hold apartments empty so they can increase prices, which jumped up 11% in 2022. There’s some evidence of conspiracy around pricing in virtually every industry. Turkey, poultry, and pork. Frozen french fries. PVC pipe. Anesthesiology. Oil. Ammunition. Pharmaceuticals. K-Pop. Credit bureaus and FICO, Verisign, industrial gasses, architectural software, locks, entertainment data. Homebuilders. Garden chemicals. Defense and aerospace. Ticketing. Estate Sales. Gaming. Drug wholesaling. Work ID information. Seeds and chemicals.
Sounds like the real solution to this problem is the same solution to the housing market: Too many laws preventing new entrants, which prevents natural competition from lowering prices.
The problem is the needless and protectionist laws and regulations. If you want to see the effectiveness of monopoly regulation, look at California's PG&E vs Texas' deregulated electricity provider market. Californians are paying outrageous bills, meanwhile Texans have their choice of paying different electricity providers, and thus have much lower electric rates.
toomuchtodo|1 year ago
https://www.theatlantic.com/ideas/archive/2024/08/economists...
https://www.ncsl.org/financial-services/price-gouging-state-...
https://www.whitehouse.gov/briefing-room/statements-releases...
From a paid Matt Stoller BIG (https://thebignewsletter.com/) piece on monopoly pricing:
> Something real is going on. In individual markets, CEOs have been bragging publicly that they are restraining production to increase prices. Profit margins in the food industry jumped during Covid and haven’t come back down. Or take rent. There’s a company called RealPage that works with the biggest corporate landlords to hold apartments empty so they can increase prices, which jumped up 11% in 2022. There’s some evidence of conspiracy around pricing in virtually every industry. Turkey, poultry, and pork. Frozen french fries. PVC pipe. Anesthesiology. Oil. Ammunition. Pharmaceuticals. K-Pop. Credit bureaus and FICO, Verisign, industrial gasses, architectural software, locks, entertainment data. Homebuilders. Garden chemicals. Defense and aerospace. Ticketing. Estate Sales. Gaming. Drug wholesaling. Work ID information. Seeds and chemicals.
Laws to crack down on this behavior has popular support, so I won't spend additional time defending the idea in this forum, as it is unnecessary.
https://blueprint2024.com/polling/inflation-poll-06-25/
https://blueprint2024.com/wp-content/uploads/2024/06/Screens...
> The most popular policies are calling on all states to suspend taxes on groceries (68% selected), cracking down on overcharging by hospitals (66%), starting a congressional committee to hold hearings on and investigate price gouging and overcharging by corporations (63%), requiring public utilities to cut rates for electricity (63%), reducing the deficit by cutting spending (62%), and prosecuting price gougers (61%).
eadmund|1 year ago
When is price regulation ever called for? The only times I can think of are when there is a monopoly, oligopoly, monopsony, oligopsony or significant externalities.
> Laws to crack down on this behavior has popular support, so I won't spend additional time defending the idea in this forum
The popularity of a proposal has very little to do with its appropriateness.
ZoomerCretin|1 year ago
The outrageous profiteering in food and groceries is not with the hyper-subsidized agriculture industry that grows food and raises livestock, but up the supply chain in the middle-men who buy this to process and package it (especially meatpacking). Consumers, farmers, and grocers would all be served if the monopolies that absorb massive food profits were busted.
> Something real is going on. In individual markets, CEOs have been bragging publicly that they are restraining production to increase prices. Profit margins in the food industry jumped during Covid and haven’t come back down. Or take rent. There’s a company called RealPage that works with the biggest corporate landlords to hold apartments empty so they can increase prices, which jumped up 11% in 2022. There’s some evidence of conspiracy around pricing in virtually every industry. Turkey, poultry, and pork. Frozen french fries. PVC pipe. Anesthesiology. Oil. Ammunition. Pharmaceuticals. K-Pop. Credit bureaus and FICO, Verisign, industrial gasses, architectural software, locks, entertainment data. Homebuilders. Garden chemicals. Defense and aerospace. Ticketing. Estate Sales. Gaming. Drug wholesaling. Work ID information. Seeds and chemicals.
Sounds like the real solution to this problem is the same solution to the housing market: Too many laws preventing new entrants, which prevents natural competition from lowering prices.
The problem is the needless and protectionist laws and regulations. If you want to see the effectiveness of monopoly regulation, look at California's PG&E vs Texas' deregulated electricity provider market. Californians are paying outrageous bills, meanwhile Texans have their choice of paying different electricity providers, and thus have much lower electric rates.