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Beliefs, bias, and regime uncertainty after Hurricane Katrina

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  • Art Carden

Abstract

Purpose - The purpose of this paper is to explore the relationship between beliefs and economic policy in the context of gasoline prices following Hurricane Katrina. Design/methodology/approach - The paper applies three contributions – by North, Caplan and Higgs – to the question of gasoline pricing policy; and surveys public opinion regarding interference with prices. Findings - The paper identifies evidence of “anti‐market bias” in polling data, press releases, and legislation, and argues that the uncertainty emanating from statutes restricting “price gouging” may reduce investment in the provision of “necessary goods and services” after natural disasters. Originality/value - The paper is of value in offering evidence of anti‐market and anti‐foreign bias among what might be called political first responders to Hurricane Katrina, and posits the view that interference with prices compounded the shortages facing the Gulf coast or any other disaster‐stricken area.

Suggested Citation

  • Art Carden, 2008. "Beliefs, bias, and regime uncertainty after Hurricane Katrina," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 35(7), pages 531-545, June.
    • Handle: RePEc:eme:ijsepp:v:35:y:2008:i:7:p:531-545
    DOI: 10.1108/03068290810886939
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    References listed on IDEAS

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    1. Russell Sobel & Peter Leeson, 2006. "Government's response to Hurricane Katrina: A public choice analysis," Public Choice, Springer, vol. 127(1), pages 55-73, April.
    2. Russell S. Sobel & Peter T. Leeson, 2010. "The Use of Knowledge in Natural Disaster Relief Management," Chapters, in: Emily Chamlee-Wright & Virgil Henry Storr (ed.), The Political Economy of Hurricane Katrina and Community Rebound, chapter 3, Edward Elgar Publishing.
    3. repec:wvu:wpaper:06-09 is not listed on IDEAS
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    Citations

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    Cited by:

    1. Llewellyn H. Rockwell, Jr. & Walter E. Block, 2010. "The Economics and Ethics of Hurricane Katrina," American Journal of Economics and Sociology, Wiley Blackwell, vol. 69(4), pages 1294-1320, October.
    2. Art Carden, 2010. "Disastrous Anti‐Economics And The Economics Of Disasters," Economic Affairs, Wiley Blackwell, vol. 30(2), pages 81-84, June.
    3. Bylund, Per L. & McCaffrey, Matthew, 2017. "A theory of entrepreneurship and institutional uncertainty," Journal of Business Venturing, Elsevier, vol. 32(5), pages 461-475.
    4. Pan, Wei-Fong, 2023. "Household debt in the times of populism," Journal of Economic Behavior & Organization, Elsevier, vol. 205(C), pages 202-215.
    5. Per L. Bylund, 2019. "Where is the Austrian theory of collaborative orders? Comment on Elert and Henrekson," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(4), pages 339-347, December.

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