I believe that current regulations and standards provide a balanced approach to addressing the complexities of pricing in various industries. Introducing more regulations may not effectively solve the price issues we face today, as these issues are often driven by supply and demand dynamics. For example, high demand during crises, like the rush for basic supplies after a hurricane announcement or the toilet paper shortages during the pandemic, makes regulating prices challenging when consumers are willing to pay a premium.
Organizations like the National Conference of State Legislatures (NCSL) already work to protect consumers from price gouging, yet finding the right balance remains difficult. One solution could be to cap profit margins by setting a maximum percentage companies can earn, thereby indirectly setting fair prices. Rather than adding new layers of standards, it might be more practical to update existing ones to adapt to evolving market needs, ensuring consistency without overwhelming the regulatory volumes already in place.
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Reference:
National Conference of State Legislatures. (n.d.). About us. National Conference of State Legislatures. Retrieved October 30th, 2024, from https://www.ncsl.org/about-us
