this post was submitted on 13 May 2025
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For posting all the anonymous reactionary bullshit that you can't post anywhere else.
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Kind of embarassing that I even know this, but their reasoning goes
And if you assume that the supply is lowered enough, then tons of people die and it becomes genocide. Of course, the flip side of this that this person completely ignored is that price distortions can also occur in the other direction, where prices are high enough to entice more than sufficient production, but so high that it limits purchases from consumers. Currently, the American medical industry is firmly in that side of pricing (as evident by the fact that the rest of the world has much lower drug prices* and no shortages of drugs).
*even if you account for wage differences.
This is all econ 101 theory. Often times, you barely need to remember 101 shit to dunk on these so called "economics students", who didn't even properly learn the bourgeois version of the theory, only how to party and act arrogant online.
I want to provide a bit more insight to the brain of this guy. They really beat the 1970s oil crisis into you at GMU as an example of price controls creating shortages. On top of this, the negotiating power of pharmaceutical companies is usually greater than a governments. Drugs are priced not by how much a consumer is able to pay but by how much the government doesn't want their population to die, which is why you see drug prices in the $100k range. Pharmaceutical companies will happily let people die to get a better bargaining position.