The head of the Federal Trade Commission said yesterday a federal law against oil company price gouging would be difficult to enforce and could hurt consumers by causing fuel shortages. FTC Chairman Deborah Platt Majoras said the courts have refused to address the question of what is a 'reasonable' price and it may be difficult to determine what price increases are legitimate. (Washington Times, Wednesday)
Here's a definition: the price that emerges in a market stripped of all privilege.
FEE Timely Classic
Prices by Ludwig von Mises