i want to elaborate on something without substantively disagreeing, it’s just a point about rhetorical framing that’s gonna bug me unless i make it
that is to say, the moral intuition around prices--that if it weren’t for people willing to defect against society at large in order to enrich themselves price rises in the face of scarcity would be less severe--is also not factually wrong. it’s an intuition geared for small communities, like a lot of our moral intuitions, and so for the purposes of framing policy in large and complex economies it is insufficient on its own. but it is a reasonable intuition.
the economics perspective is to say, because this intuition is insufficient, it is not only a poor basis for framing policy (correct) but is fundamentally unreasonable and should be disregarded completely. i think this is wrong! economics often claims to be creating a purely descriptive model, sufficient for framing policy, but smuggles in prescriptive judgements, like “efficiency (for a definition of the term that would be strange to anyone who isn’t an economist) is inherently morally good,” which are often alien to or outright opposed to ordinary moral intuitions around fairness
and by not carefully distinguishing between the two, people begin to (again, not incorrectly IMO) suspect the descriptive elements of economics are being used to, or are actually being warped contrary to evidence to, advance a specific ideological agenda, typically a laissez-faire pro-business agenda. and some economists are in fact doing this, because their bailey is “economics is just a descriptive science” and their motte is “laissez-faire capitalism is a terminal, not instrumental good, which requires no substantive justification”
now, because in a complex modern economy with billions of people, we cannot avoid there being purely profit-seeking individuals who will do anything to get ahead, any system for distributing scarce goods is going to have to reckon with the fact that price controls on their own are usually ineffective (the “economics 101″ argument that price controls are always a bad idea is simply wrong, but they do have clear downsides policymakers need to be aware of). but that doesn’t mean individuals are wrong when they notice scalpers are 1) buying up a scarce good, that 2) they don’t intend to use themselves, and 3) making it much more expensive than it otherwise would be. that their reaction is resentment is perfectly reasonable! pricing scarce goods at a low value doesn’t make them more abundant, but it does make them cheaper, which matters to the people who are able to buy them in the end, and raising the price through speculation might be more “efficient” (in the sense you will get a more accurate signal on the value of ps5s or taylor swift tickets or w/e), but people who can’t afford them at the higher price, who might have lucked into a chance to buy them at the lower price, are not being fundamentally irrational to be annoyed. it’s rational self-interest! a small chance to buy a desired good is more appealing than no chance to buy a desired good because it’s priced out of your reach
and this is the point that’s always bugged me about this kind of economics 101 framing of price and distribution of scarce goods--your economics 101 guy will call the market with the scalpers in it more “efficient” in some sense. but efficient for whom? it facilitates access to the good for people with more money, to whom the marginal value of a dollar is smaller, because it prices all the people who couldn’t afford the good out of the market to acquire the good. but it’s no better at getting the good to people who want the good. it just excludes a large potential segment of the customer base. this market is more profitable for the seller, if the price of the good is variable and the seller can update their prices when they notice the existence of scalpers, and it’s better for the seller if the thing they care about is maximizing their monetary profit. it’s a more efficient system for society at large (in terms of the most number of people having their preferences satisfied) if and only if increased profit for the seller allows them to increase supply--so, a good system for game consoles, which you can build more of barring supply chain issues, but not for concert tickets, which are limited by the size of the venue you booked in advance.
moreover, the scalpers and speculators in this scenario are doing something that looks suspiciously like rent extraction, getting quite a lot of money for very little work, without actually adding value at all. we already established they’re not functionally increasing access to the good--they are in fact limiting access! in the game console scenario, the console manufacturer might eventually raise their prices, meaning the scalper can sell their inventory for less than the retail price but more than they bought it for, but if it takes that long for the scalper to move their inventory, then they probably got greedy set their price too high to begin with when the console was cheap--and as the manufacturer ramps up production, consumers can expect the price to fall further, so the speculator may have actually just screwed themselves
the moral intuition against scalpers is very similar to the moral intuition against rent-seekers (which economists tend to share!), and i think it fulfills a similar social function. so i don’t think people should be too hard on it, even if they see things from a more economics-based perspective.