Price gouging complaints in New Jersey - New York News | NYC Breaking News
EXCERPTS:
MYFOXNY.COM -
"The New Jersey Division of Consumer Affairs issued subpoenas to 65 businesses across the state Friday after more than 500 consumer complaints about alleged price gouging.
"Having seen firsthand the suffering people are experiencing, I assure New Jersey's residents and retailers that we are taking a zero-tolerance approach to price gouging," said Governor Christie. "We are not asking businesses to function as charities. We require that they obey New Jersey's laws – or pay significant penalties."
Attorney General Chiesa noted that the Division has received allegations of price gouging from all regions of the state, with complaints particularly prominent in Bergen, Essex, Middlesex, Monmouth, Ocean, and Passaic counties.
The top complaint categories are:
-Gasoline, with gas prices in some cases allegedly rising by $1 or more per gallon immediately following the storm, in some cases allegedly exceeding $5 per gallon. The Division has also received complaints about gas stations charging more to fill up hand-held canisters than to fill car gas tanks, in apparent violation of state Motor Fuels Act protections related to fuel prices.
-Generators, Batteries and Non-Gasoline Fuels such as propane; with generator prices allegedly doubling from pre-storm prices.
-Food, including reports of unexpectedly high prices at convenience stores and restaurants in certain areas, affecting consumers who are unable to cook a hot meal at home due to power outages.
-Lodging, including complaints about hotels and motels significantly raising their prices, allegedly for rooms that were rented at much lower rates before the storm.
Consumers who suspect price gouging or any other violation of consumer protection laws, particularly as a result of Hurricane Sandy, are urged to call the Division of Consumer Affairs at (800) 242-5846.
Read more: http://www.myfoxny.com/story/19990960/price-gouging-complaints-in-new-jersey#ixzz2BCTWfrJv
Saturday, November 3, 2012
‘Maximum temperature law’ to prevent ‘temperature gouging’ makes as much sense as laws to prevent ‘price gouging’
‘Maximum temperature law’ to prevent ‘temperature gouging’ makes as much sense as laws to prevent ‘price gouging’
Excellent analogy that shows what prices really are, and why price controls inevitably produce unintended and undesirable effects.
Excellent analogy that shows what prices really are, and why price controls inevitably produce unintended and undesirable effects.
Friday, November 2, 2012
"I want to be a consumer"
I want to be a consumer
The poem found at this Mises blog is worth reading, especially when thinking about the Keynesian view of the economy.
The poem found at this Mises blog is worth reading, especially when thinking about the Keynesian view of the economy.
An example of laws against "price gouging" - New Jersey
Christie warns merchants of price gouging during storm | Courier-Post | courierpostonline.com
"New Jersey’s price gouging statute makes it illegal to set excessive price increases during a declared state of emergency or for 30 days after the termination of the state of emergency.
"Price increases are deemed excessive under the law if they are more than 10 percent above the price at which the good or service was sold during the normal course of business before the state of emergency.
"The law does allow that, if the merchant faces additional costs imposed by suppliers or legitimate logistical concerns, a price increase is considered excessive if it is more than 10 percent above the amount of markup from cost, compared with the markup normally applied.
"As a reminder of the penalties, Christie pointed out the case of a Sussex County gas station accused of raising fuel prices more than 16 percent last year during Irene. To settle an enforcement action by the Division of Consumer Affairs, that business recently agreed to pay $50,000.
"New Jersey’s price gouging statute makes it illegal to set excessive price increases during a declared state of emergency or for 30 days after the termination of the state of emergency.
"Price increases are deemed excessive under the law if they are more than 10 percent above the price at which the good or service was sold during the normal course of business before the state of emergency.
"The law does allow that, if the merchant faces additional costs imposed by suppliers or legitimate logistical concerns, a price increase is considered excessive if it is more than 10 percent above the amount of markup from cost, compared with the markup normally applied.
"As a reminder of the penalties, Christie pointed out the case of a Sussex County gas station accused of raising fuel prices more than 16 percent last year during Irene. To settle an enforcement action by the Division of Consumer Affairs, that business recently agreed to pay $50,000.
Price Gouging Saves Lives in a Hurricane - David M. Brown - Mises Daily
Price Gouging Saves Lives in a Hurricane - David M. Brown - Mises Daily
EXCERPT:
"Prices are how scarce goods get allocated in markets in accordance with actual conditions. When demand increases, prices go up, all other things being equal. It's not immoral. If orange groves are frozen over (or devastated by Hurricane Charley), leading to fewer oranges going to market, the price of oranges on the market is going to go up as a result of the lower supply. And if demand for a good suddenly lapses or supply of that good suddenly expands, prices will go down. Should lower prices be illegal too?"
EXCERPT:
"Prices are how scarce goods get allocated in markets in accordance with actual conditions. When demand increases, prices go up, all other things being equal. It's not immoral. If orange groves are frozen over (or devastated by Hurricane Charley), leading to fewer oranges going to market, the price of oranges on the market is going to go up as a result of the lower supply. And if demand for a good suddenly lapses or supply of that good suddenly expands, prices will go down. Should lower prices be illegal too?"
Friday, October 26, 2012
Atlas Shrugged Part II Trailer - Do you know who John Galt is?
Atlas Shrugged Part II Trailer - YouTube
So far in this course we've seen that government has significant effects on the economy. One of the key issues about which people disagree is the question "what role should government play in the economy, and in regulating how people live and how businesses operate? What are the consequences when government takes an active role in answering the basic three economic questions?"
If you think these are interesting questions to ponder, I recommend to you a movie currently showing in theaters: Atlas Shrugged: Part II. It is part 2 of a trilogy based on the 1957 novel, Atlas Shrugged, by Russian-born novelist Ayn Rand.
In a 1991 survey conducted by the Library of Congress, people were asked which books, of all the books they had read, had been the most influential in their own lives. Atlas Shrugged was listed at number 2. (For me it would probably be number 6.)
People generally react strongly to Rand's work. They tend to love it or hate it. Either way, she definitely makes you think. If you're looking for something to do this weekend, check it out.
So far in this course we've seen that government has significant effects on the economy. One of the key issues about which people disagree is the question "what role should government play in the economy, and in regulating how people live and how businesses operate? What are the consequences when government takes an active role in answering the basic three economic questions?"
If you think these are interesting questions to ponder, I recommend to you a movie currently showing in theaters: Atlas Shrugged: Part II. It is part 2 of a trilogy based on the 1957 novel, Atlas Shrugged, by Russian-born novelist Ayn Rand.
In a 1991 survey conducted by the Library of Congress, people were asked which books, of all the books they had read, had been the most influential in their own lives. Atlas Shrugged was listed at number 2. (For me it would probably be number 6.)
People generally react strongly to Rand's work. They tend to love it or hate it. Either way, she definitely makes you think. If you're looking for something to do this weekend, check it out.
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