Signs of a "Well Regulated" Economy

This is an old joke, but a good one. I just wish I could remember which blog I saw it on so I could give credit. Help me out.

There were three prisoners in a jail cell. They started talking and comparing what they were in for.

The first one said, "I'm a gas station owner and I set my prices above market, so I'm in for price-gouging."

The second one said, "I'm a gas station owner too, and I set my prices below market, so I'm in for predatory pricing."

The third one said, "I'm a gas station owner as well, and I set my prices at market. I'm in for collusion and price-fixing."


Posted by TSchilling at March 3, 2006 8:03 PM

Comments
Let's hope they learned their lessons and change them daily (or hourly) like the local ones, ;-). One has to wonder whether price instability is a sign of efficiency or inefficiency. Note that price-gouging only occurs when prices are high, predatory pricing when they are low, and price fixing when they are level.

Posted by: Lord at March 7, 2006 6:19 PM