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Read for a look at economics and psychology in action, during a time of wage and price controls in the States:

(This includes a youtube link to the moment in question, along with the aftermath.)



( 2 comments — Leave a comment )
Aug. 27th, 2013 06:18 am (UTC)
That's a funny story...I don't remember that happening, but I was very young then. I do remember gas shortages, though. It was scary to think you wouldn't be able to buy something you depended on.

One of the commenters at the link you shared said that people are irrational, just look at their behavior during predicted hurricanes and snowstorms. As someone who lived through a blizzard where we couldn't get out of the neighborhood for several days (we even had to stay at school for hours that first day until a parent arrived after walking in several feet of snow to get us), I take predictions seriously. I don't buy out the store, of course, but I check to make sure I have enough milk, bread, eggs, fruit, and cheese (and TP, lol) to last about 4 days. I also make sure the cars have full tanks. I don't think any of that makes me irrational! I guess people who have never had to deal with a natural disaster that can make everything stop for days just don't understand.
Aug. 27th, 2013 02:19 pm (UTC)
My mom remembers the gas shortages, but also studied and said that it didn't have to happen. It sounded like politics at work. :(

I bet neither you nor I would react irrationally because we're too practical. We'd make sure we could manage for days. But sadly not enough people are wise enough to prepare. I think it can be seen every time there's a disaster. Especially one that the particular area was at risk for to begin with. And every area has some weather forecast that the folks are... wimps toward. As a former Oregon resident, I have to laugh whenever people in Texas complain about several days of cloudy and/or rainy weather. :)
( 2 comments — Leave a comment )

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