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« The Price of Gas, Again | Main | Shock & Awe Becomes Awfully Shocking »

Too High? Why so Low?

Bob Capozzi correctly warns us against being too ready to condemn the "gamblers" of the market from charging us prices which are "too high."

Why is it that we think one price is "too high" while another is appropriate? Certainly, $3 a gallon for gasoline is more than we were paying a few months ago, but on what grounds is it "too high?" Who determines what is a good price and what is a bad price?

To those of us who appreciate the beauty of the market -- that prices are determined by the buyers' demand curves and the sellers' supply curves -- not by some omnipotent ruler, we recognize that "too high" is a purely subjective determination. It can only be "too high" on the individual level, if an individual would rather not buy an extra unit of gas at a given price, but rather use the money for some other purpose.

Perhaps, we should be asking why prices are "so low." Afterall, can we say why prices aren't higher? Why not $10 a gallon? The same market in which plenty abounds, where most every American family has a TV, two cars, and a trip to Applebee's every Friday night, also contains the possibility for fluctuating prices. It is this dynamic system which gives us prices which are "too high." But, the only reason we think they are "too high" is that they are typically "so low."

-- Kevin D. Rollins

Posted by Kevin D. Rollins on April 27, 2006 07:18 AM | Permalink

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