Research-informed policy in this area must empower people and governments to deal with a temporary set of often very poor alternatives. For example, the price system may be the best process among poor alternatives to deal with a temporary combination of increased demand, and reduced supply, for critical items. But because it seems cruel to charge more in the face of desperation-induced increased demand (poor economic education is a key culprit, here), we vilify, even prosecute ‘price gouging’ even though the lower prices create devastating shortages, and delay recovery. The little-recognized alternative to temporarily much-higher prices for some items is ‘first-come-first-serve-until-the-shelf-is-bare,’ which probably mostly allocates the limited supplies of critical items to the least needy.
Revisit this page, periodically, to observe our progress in this research area. Hopefully, by your next visit, we can announce proposals and requests for proposals for specific projects. Once we have an analysis completed, we will commission a review from a scholar likely to be a basis for civil, informed disagreement, and create conversation forums for further assessment. To be involved in any aspect of the process, e-mail us at: IOPAChief@policytalk.org