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Pastimes : Austrian Economics, a lens on everyday reality
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To: Don Lloyd who wrote (72)12/14/2001 5:42:47 PM
From: TimF  Read Replies (1) of 445
 
The only way to call a price too high is if no one is willing to pay it. If the producer persists in setting this price, then he is not a producer, at least of goods for sale.

So if the government gives a monopoly to me to supply water in the US and enforces it with draconian punishments and I try to sell normal tap water at $1 gal you won't feel overcharged?

Yes in a way no price is an overcharge if someone is willing to pay it. I don't argue that the government should try to control prices. Even a theoretical perfect government couldn't do it well and a real world government would be even worse. The free market is much better at these things. However if the government creates a monopoly then you don't have a real free market.

Tim
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