By what standard?
Reader comment on: EpiPen Underpriced Despite Times Complaint
Submitted by Harry Binswanger (United States), Jun 7, 2017 22:56
What is the moral premise of these protests about EpiPen pricing? It is the depraved notion that some people own the lives of others. Because the complaint, if made fully explict, goes like this: "Sure, at this price I'm willing to buy, but why should you, the seller, be able to gain from the trade? All the profit should go to me; your role, Mr. Businessman and Mr. Investor, is to satisfy my needs. I not you should get most or all of the gains."
Any willing purchase profits both buyer and seller. The buyer buys because he'd rather have the good than the money. That price, mutually agreed to, is the just price. No defensible moral principle sides with one party or the other. No standard of justice can say: the buyer (or the seller) should get most of the gains.
When a buyer pays $100 for something he'd actually be willing to pay $1,000 for, that's supposed to be fine. But when the seller gets $1,000 for something he'd actually be willing to accept $100 for, that's supposed to be "a rip-off." By what standard?
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