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Price gouging almost always happens when there are shortages, so the choice isn't between the two. You'll get both.

Price gouging only benefits those who are relatively wealthy (and the sellers). To those who aren't, it's just a plain old shortage, but combined with having salt rubbed into that wound.



The latter would explain why the Grateful Dead sold their concert tickets via a lottery system.


Except the shortage lasts for mere moments, instead of as long as the causal disruption.




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