Hurricane Matthew: Tom Woods hopes price gougers perform ‘socially and economically responsible work’

Florida Governor Rick Scott and United States President Barack Obama are warning about the devastation that Hurricane Matthew may bring to the Sunshine State. They are urging people to evacuate the area and proceed with caution.

Will it cause widespread destruction to Florida and in the region? The reports suggest that it seems rather likely at this point.

For now, Tom Woods is hoping that price gougers will run rampant across Central Florida should Hurricane Matthew make landfall. This will help everyone who is seriously affected by the hurricane.

Here is the libertarian philosopher king in his recent email newsletter:

I’m well stocked with necessities, but should I need something in a pinch, I sure hope price gougers will be around, doing their socially and economically responsible work.

When there’s a sudden spike in demand for a good, and supply hasn’t had time to adjust, prices rise. And thank goodness.

If prices stayed the same or increased only slightly, no one would bother conserving these scarce things. Instead of a family of five huddling in one hotel room, they might splurge and get two rooms — thereby leaving one fewer room available to another desperate family during an emergency.

If the price of water stayed the same, they might consider washing their kitchen counter with it. But when the price is allowed to rise, they use the water only for its most urgent uses, thereby saving water for others who likewise have urgent uses for it — you know, like drinking.

If prices are allowed to rise, potential suppliers will come out of the woodwork, driving from all over the state and even from out of state to help people and thereby get a share of the dough. The shortage will be alleviated all the faster.

If prices aren’t allowed to rise, well, maybe a complete stranger won’t feel like driving 12 hours to help you.

In short, I need the price system far more than I need Barack Obama.

Despite the politicians decrying the act of price gouging, it is a vital need, and helps victims of devastation. The price gougers should be considered heroes when natural disasters happen. Instead, politicians and the beneficiaries of price gouging chastize them. It’s ridiculous.