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Many economists defend disaster profiteers. They are wrong
Much about the pandemic sweeping across the world is unprecedented, but one aspect is all too familiar: price gouging in the wake of a disaster. In New York police arrested a man who had stockpiled medical gear, allegedly selling it for a 700% mark-up. Indonesian authorities seized 600,000 masks from hoarders. In Italy the government launched a probe into sky-high online prices for basic protective equipment.