“Higher prices would discourage over-buying and help ensure that useful consumer goods get distributed to more households, not just the households best able to rush to the store. Consumer sentiment against higher prices during emergencies, by discouraging a price response and encouraging shortages, tends to put the burden of the shortages on those consumers least able to run to the stores in emergencies.”

When consumer demand shoots  up and supplies are limited, either prices must increase or shortages will result. Consumer sentiment leans strongly against such price increases, and sometimes that sentiment is enshrined in anti-price gouging laws. It is this sentiment and such laws that unintentionally put a burden on less-able consumers.

As a heavy winter storm was projected to slam into Mid-Atlantic and Northeastern states earlier this week, a familiar scenario emerged:  state officials urged citizens to stay safe and to report suspected price gouging.…