After Hurricane Fran swept through central North Carolina in 1996, enterprising college students drove into the area with $8 bags of ice. That was a much higher price than people normally would have paid, but those with no electricity because of the storm lined up to buy ice. Transactions continued until police arrived, shut down the operation, and charged the sellers with “price gouging.”
Rather than lament the loss of access to ice, many people in line clapped as police hauled the sellers away. Those who clapped offered evidence of what University of Arizona philosophy professor Jerry Gaus labels the “reactive emotions” view. Gaus explained that label during a presentation Monday for the John Locke Foundation’s Shaftesbury Society.
Some people will forgo an apparent economic benefit, and might even be prepared to destroy portions of their own property, if they believe they face an unfair deal, Gaus contends. He offers more details in the video clip below.
Click here to watch the full 50:35 presentation.