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April 25, 2006
Pat Cleary takes a clear-headed look at the increase in gasoline prices. He argues that the causes of the increases we are experiencing are not mysterious, and that there is no need to posit "price-gouging" as an explanation. But if we're going to blame price-gouging, we'll need a definition. My friend Craig Harrison offers this two-parter: Price Gouging. Price Gouging is defined to be any profit made by a company in an industry that is defined to be a Suspect Industry. Posted by at 11:50 AM
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