In 1986 the behavioural economists Daniel Kahneman, Jack Knetsch and Richard Thaler published a classic study showing that in a hypothetical snow storm a large majority of people would think it unfair for a hypothetical hardware store to raise the price of a hypothetical snow shovel.
Ordinary people don’t like price gouging, was the finding.
We don’t need hypotheticals to tell us that in the grim age of coronavirus, or more specifically Covid-19.
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