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| Price gouging is a pejorative term referring to when a seller spikes the prices of
goods, services or
commodities to a level much higher than is considered reasonable or fair, and is considered exploitative,
potentially to an unethical extent. Usually this event occurs after a demand or supply shock:
common examples include price increases of basic necessities after
hurricanes or other
natural disasters.
In precise, legal usage, it is the name of a crime that applies in some jurisdictions of the
United States during
civil emergencies. In less precise usage, it can refer either to prices obtained by practices
inconsistent with a competitive
free market, or to
windfall profits.
In the former Soviet Union,
it was simply included under the single definition of
speculation. The term is similar to profiteering but can be distinguished by being short-term and localized, and by a restriction to essentials such as food, clothing, shelter, medicine and equipment needed to preserve life, limb and property. In jurisdictions where there is no such crime, the term may still be used to pressure firms to refrain from such behavior.
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With the advancements in medical science and technology, why do Americans still suffer the brunt of an ineffective health care system? The patient is not the priority in today's medical world. The Doctor is not heeding the Hippocratic Oath---but instead is motivated by money!!
Russell Andrews' book Too Big to Succeed Profiteering in American Medicine holds the answer and many more as he analyses the rotten core of health care issues. Discover why health care costs are increasing while medical benefits are dwindling.
Problems arise when there is a mismatch between reality and our perception of reality. In the scientific world, there are paradigms that guide the pursuit of knowledge. Experiments are constructed based on rules (guidelines based on prior experiences) to further support or disprove those paradigms. Based on how ingrained a paradigm is (“Is it based on fact or on ideology?”), changing the paradigm can be very difficult. Examples of paradigm shifts from the scientific world include the shift from “the earth is flat” to “the earth is round” and the shift from “the earth is the center of the solar system” to “the sun is the center of the solar system.” People have paid dearly for their correct but unpopular point of view (e.g., Galileo was placed under house arrest for insisting that the sun, not the earth, was the center of the solar system). Scientific paradigms may not shift easily, as documented by Thomas Kuhn in The Structure of Scientific Revolutions.1Similar problems arise in the socioeconomic world when there is a mismatch between reality and our perception of reality. Here there is not only ideology that may hinder acceptance of the mismatch, but also one’s perception of his or her own personal economic benefit. In the game of life, societal good rarely trumps personal gain (or, perhaps more accurately, one’s perception of personal gain). This appears The current health-care system in the United States has a significant mismatch between the reality of the health care provided to the populace as a whole and the perception of that reality—at least the perception in the minds of many people in this country.
Though we spend 50% more on health care per capita than other developed countries, a multitude of measures—such as life expectancy and infant mortality—indicate that we in the United States are not getting health-care value for our money. Yet many argue, often with religious fervor, against change in our health-care system. One must have “choice” (more accurately, perceived choice rather than actual choice) not “socialized medicine” (whatever “socialized medicine” means) at all costs—even if adequate health care becomes a dream for the majority of Americans because of the phenomenal personal expense. When an industiy constitutes upward of one-fifth
Medicine today in the United States is big business. To see how far it has deviated from its origins in the Western tradition, we do well to consider the Hippocratic Oath:
- I swear to fulfill, to the best of my ability and judgment, this covenant:
- I will respect the hard-won scientific gains of those physicians in whose steps I walk, and gladly share such knowledge as is mine with those who are to follow.
- I will apply, for the benefit of the sick, all measures [that] are required, avoiding those twin traps of overtreatment and therapeutic nihilism.
Understand how we can change the trend in doctor-patient relationships all over the country, where individuals can start to realize that great emphasis should be placed on “the healing art and science of medicine,” instead of on the profitability of the health care delivery system.
Learn how the profit has trumped the patient in American medicine, and what you need to know to be an agent of change for real health care in America. Your life depends on it!
Profiteering (business) - Wikipedia
Profiteering is a pejorative term for the act of making a profit by methods considered unethical.[1]
Business owners may be accused of profiteering when they raise prices during an emergency (especially a war). The same term is also applied to "balance billing" by ambulances and emergency rooms.
Price gouging is a pejorative term referring to when a seller spikes the prices of goods, services or commodities to a level much higher than is considered reasonable or fair, and is considered exploitative, potentially to an unethical extent. Usually this event occurs after a demand or supply shock: common examples include price increases of basic necessities after hurricanes or other natural disasters.
In a narrow, legal usage, it is the name of a crime that applies in some jurisdictions of the United States during civil emergencies.
In less precise usage, it can refer either to prices obtained by practices inconsistent with a competitive free market, or to windfall profits. In the former Soviet Union, it was simply included under the single definition of speculation.
The term is similar to profiteering but can be distinguished by being short-term and localized, and by a restriction to essentials such as food, clothing, shelter, medicine and equipment needed to preserve life, limb and property. In jurisdictions where there is no such crime, the term may still be used to pressure firms to refrain from such behavior.
The term is not in widespread use in mainstream economic theory, but is sometimes used to refer to practices of a coercive monopoly which raises prices above the market rate that would otherwise prevail in a competitive environment.[1] Alternatively, it may refer to suppliers' benefiting to excess from a short-term change in the demand curve.
As of 2008, laws against price-gouging have been enacted in 34 states. Price-gouging is often defined in terms of three criteria listed below:[6]
A prevalent concern surrounding price gouging is that it exploits consumers. Supporters of anti-price gouging laws argue that it is morally wrong for sellers to take advantage of buyer’s vulnerability and increased demand. Opponents argue that buyers are not coerced to take part in this exchange, and they voluntarily agree to pay the seller’s asking price.
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