Purpose – The concept of “price gouging” during times of emergency, such as in the aftermath of Katrina, often evokes quite an emotional and reactive response from people who are outraged that stores and companies would increase their prices during a time of emergency. The problem is that...

Nozick (1977) was a methodological critique of the Austrian School of economics. He took the view that the praxeological school was guilty of a logical contradiction. On the one hand, it eschews the concept of indifference. On the other, it utilizes that of supply. But, Nozick argued, for there...