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Samizdata economic illiterate of the day

We would certainly be watching out for any profiteering that might occur…we wouldn’t want that to happen, there’s no reason for it.

Western Australian Royal Automotive Club (RAC) representative Mike Upton on today’s news that quotes for a Liquid Petroleum Gas conversion in passenger vehicles had jumped markedly from A$2500 to up to $4850 in response to the federal and state governments’ combined $3000 subsidy on the purchase and installation of such equipment.

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12 comments to Samizdata economic illiterate of the day

  • Nick M

    I’m trying to figure who you think is the economic illiterate.

    My vote is for the federal and state government.

  • Very good point, Nick. Governments and Mr Upton.

  • John R

    “We would certainly be watching out for any profiteering that might occur…we wouldn’t want that to happen, there’s no reason for it.” Unless, of course, it is the WA Labor government and Eric “Ripoff” Ripper who happily accept the benefits of profiteering through their collection of stamp duties whilst house prices rocket.

  • “Profiteering” – is that another way of saying “making an honest profit” while sneakily trying to delegitimise the whole idea?

  • Whatever it is, there’s no reason for it. None at all. A massive spike in demand (thanks to government intervention) whilst an inelastic supply stays more or less constant is no sort of reason for “profiteering”; that is, a basic reactive function of the price mechanism.

    Shame, markets, shame!

  • Paul Marks

    I hope the posting and comments are sent to the people concerned.

    It would also be nice if they were sent to the local media.

    Are there any newspapers in Western Australia that are critical of statism?

  • .” Unless, of course, it is the WA Labor government and Eric “Ripoff” Ripper who happily accept the benefits of profiteering through their collection of stamp duties whilst house prices rocket.

  • None at all. A massive spike in demand (thanks to government intervention) whilst an inelastic supply stays more or less constant is no sort of reason for “profiteering”; that is, a basic reactive function of the price mechanism.

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  • It would also be nice if they were sent to the local media.

    Are there any newspapers in Western Australia that are critical of statism?

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