BULLETS PROVE ECONOMIC MYTH

I have always maintained the 'economic laws' are a myth that are used to perpetuate all sorts of atrocities against consumers. Interest rates, gas prices, food prices and so much more have all been manipulated to line the pockets of the wealthy, all the while citing economic laws as justification.

I invite you to read this story:

Demand For Ammunition Is Up. Why Aren't Prices?

found at  http://www.npr.org/blogs/money/2013/05/17/184502784/why-is-there-an-ammunition-shortage-in-the-u-s

In this report they say that, " It would say that Bob Viden, who has run the (gun) shop for almost 50 years, should respond to the increase in demand by raising prices (on bullets). And some stores and online sellers have done just that. But, Viden told me, "We don't want to do that. We want to be fair."

Apparently so do some of the best-known ammo sources across the country. At the sporting goods store Cabela's and at Wal-Mart, shelves are empty but prices are mostly flat. During my conversations at Bob's Little Sport Shop, the word "fair" came up about two-dozen times. Or, as one customer put it, "There's no reason to make a profit off of our misfortune."

To a traditional economist, a shortage is evidence prices are too low. But Viden predicts if he raises his prices, his customers won't come back because they'll think he ripped them off.
"Traditional economic theory doesn't really have room for fairness perceptions," Margaret Campbell, a marketing professor at the University of Colorado, Boulder, told me. But about 30 years ago, she says, "people started noticing that there were these kind of quirks."

" In a famous study, the Nobel Laureate Daniel Kahneman and two colleagues found that people's ideas of fairness are so strong that, even if it makes short-term sense to raise prices during a shortage, many retailers don't. Campbell says that's because when prices go up, consumers actually care about the reason behind the increase — the retailer's motive."

Here is a clear case where the LAW OF SUPPLY AND DEMAND is not working. Basically, it only works when business decides they want it to work and to justify higher prices. We've all heard such reports as, "Gas prices have soared due to a shortage," of "The drought is causing food shortages and prices are up sharply." Clearly, there is no reason for such jumps other than greed. No bolt of lightening will strike if prices don't go up.

Isn't it time we all question start questioning "the retailer's motive."  Economic 'laws' are merely memes, a thought virus, that enables the few to gain control over the many ...YOU!