According to a recent Time article, the majority of states, including Connecticut, have some sort of price gouging law. These laws prevent businesses from charging unconscionably high prices, especially after natural disasters such as the recent hurricane.
However, some economists oppose price gouging laws and instead favor allowing the laws of supply and demand to work. Opponents assert that if retailers could raise prices, it would make consumers think harder about what they really needed. Additionally, it would reward retailers who managed their inventories well.
