Singapore which implemented quarantine order like China, restricted purchase of essentials at supermarkets and in spite of having more cases is more effective in managing nCOV and public panic buying. Supermarkets are replenished again quickly.
Hong Kong is operating as free market economy where anyone can buy what they need, so most people stock up as much as they need and during this panic none of the big private players are capable to handle it, as they want to profit from it. In this scenario planned economy like China and Singapore works much better than free market economy. So probably it’s a failure of Hong Kong’s free market economy.
In Hong Kong many healthcare staff assigned to take care of infected people resign and many go on a strike when a collective response to handle an epidemic is needed. They went on a strike to close borders and ask local government not to bring back Hong Kong residents and people stuck in Mainland.
Are there laws against so-called "profiteering"? That's the first thing I want to know. Because when the consumer begins to panic and act irrationally, the quickest thing to bring him or her back to reality is a much higher price. The high price causes people to economize.
prices would just be very high for the scarse goods
I believe that's getting close to the description of profiteering - depending on what exactly is not available and gets expensive. This could cause poor people to rebel, which again, results in empty shelves.
In truly free market when government do not intervene shelves will always be kept at the minimum to profit from panic. It’s because demand and supply is controlled by rich and high price exclude the non rich. That’s the reason systems are crumbling in Hong Kong.
Comments
Singapore which implemented quarantine order like China, restricted purchase of essentials at supermarkets and in spite of having more cases is more effective in managing nCOV and public panic buying. Supermarkets are replenished again quickly.
Hong Kong is operating as free market economy where anyone can buy what they need, so most people stock up as much as they need and during this panic none of the big private players are capable to handle it, as they want to profit from it. In this scenario planned economy like China and Singapore works much better than free market economy. So probably it’s a failure of Hong Kong’s free market economy.
In Hong Kong many healthcare staff assigned to take care of infected people resign and many go on a strike when a collective response to handle an epidemic is needed. They went on a strike to close borders and ask local government not to bring back Hong Kong residents and people stuck in Mainland.
“The economy of Singapore is a highly developed free-market economy.”[0]
[0] https://en.m.wikipedia.org/wiki/Economy_of_Singapore
Are there laws against so-called "profiteering"? That's the first thing I want to know. Because when the consumer begins to panic and act irrationally, the quickest thing to bring him or her back to reality is a much higher price. The high price causes people to economize.
In a true free market economy, those striking workers would either be offered more salary to work, or their other demands would be met.
Likewise, in a truly free market, supermarket shelves wouldn't be empty - prices would just be very high for the scarse goods.
I believe that's getting close to the description of profiteering - depending on what exactly is not available and gets expensive. This could cause poor people to rebel, which again, results in empty shelves.
In truly free market when government do not intervene shelves will always be kept at the minimum to profit from panic. It’s because demand and supply is controlled by rich and high price exclude the non rich. That’s the reason systems are crumbling in Hong Kong.