China Traffic Jam
August 23, 2010 by USA Post
China Traffic Jam, In traffic jam 62-mile long in China enters its ninth day, prices for food along the route have skyrocketed. “Instant noodles are sold at four times the original price while waiting in congestion,” said one trucker Global Times. “It bothers me only congestion but also to the sellers,” he joked.
But prices should increase. With drivers stuck on the road, the demand for food increases. The only way that people want most of the foods that are available is to allow prices to rise. What would be better, cheaper food running out or having enough food at an expensive price?
For look sensible virtues, yes, the virtues of price manipulation, I recommend listening to EconTalk podcast with Russ Roberts and Mike Munger
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