The (In)Visible Hand, Scarcity, Venezuela, And The PlayStation 5
As Christmas approaches around the world, lines get longer, prices fluctuate, and everyone wants to get their hands on the seasons hottest gift or toy for their loved ones. This holiday seasons most sought after gift appears to be either a Sony PlayStation 5 or a Microsoft Xbox Series S/X, with price ranges from $299-$499 depending on the model.
However, as of this writing in December 2020, it is almost impossible to acquire any of the models for anything less than several hundred more than the suggested retail price, with some scalpers and speculators selling them for thousands of dollars on online marketplaces. It is estimated by some that these speculators have made almost 30 million dollars on a reported 60,000 resold consoles.