Published Nov 12, 2012

Michael Munger on John Locke, Prices, and Hurricane Sandy

Michael Munger delves into John Locke's philosophical insights on ethical pricing, examining the morality of market transactions in crises like Hurricane Sandy and challenging conventional views on price gouging for fair resource allocation.

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Episode Highlights

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Dexa/Russ Roberts

Michael Munger on John Locke, Prices, and Hurricane Sandy

Topics covered

Popular Clips

Uncovering Locke's Economic Inquiry

Market Power and Moral Dilemmas

Anchors and Pricing

The Morality of Price Gouging

The Price Mechanism

Obligations in Market Transactions

The Economics of Supply and Demand

Gasoline Rationing

Ethical Pricing

Price Gouging Debate

Market Price Logic

Market Price and Competitive Pricing

Locke on Market Prices

Locke's Corn Example

Episode Highlights

Ethical Pricing Concepts

Hurricane Sandy's Economic Impact

John Locke's Market Philosophy

Related Episodes

Michael Munger on Price Gouging

Michael Munger on Free Markets

Michael Munger on Many Things

Michael Munger on Traffic

Michael Munger on Profits, Entrepreneurship, and Storytelling

Michael Munger on the Perfect vs. the Good

Munger on Shortages, Prices, and Competition

Michael Munger on Slavery and Racism

Michael Munger on Crony Capitalism

Michael Munger on Giving Away Money: An Economist's Guide to Political Life

Michael Munger on Middlemen

Michael Munger on the Sharing Economy

Michael Munger on Love, Money, Profits, and Non-profits

Michael Munger on the Future of Higher Education

Michael Munger on Desires, Morality, and Self-Interest

Michael Munger on John Locke, Prices, and Hurricane Sandy

Topics covered

Popular Clips

Episode Highlights

Ethical Pricing ConceptsMichael Munger explores the ethical dimensions of pricing through John Locke's philosophy, focusing on the morality of market transactions. He discusses how Locke's ideas challenge the notion of charging based on a buyer's desperation, advocating for fairness in pricing.

Ethical Pricing Concepts

Hurricane Sandy's Economic ImpactMichael Munger and Russ Roberts explore the ethics and economics of price gouging in the aftermath of Hurricane Sandy. They discuss how market dynamics and price mechanisms can ensure fair distribution and resource allocation during crises.

Hurricane Sandy's Economic Impact

John Locke's Market PhilosophyMichael Munger explores John Locke's rare essay "Venditio," revealing Locke's unconventional views on market prices and morality. This discussion challenges traditional economic theories by emphasizing voluntary exchange and the ethical dimensions of pricing.

John Locke's Market Philosophy

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