What should you do during a buying panic? Be creative. (Photo by Rich Graessle) Icon Sportswire via Getty Images When the pandemic got underway, people stocked up on nonperishables. Seeing the paper-goods shelves empty, they became all the more anxious to buy. Some of those shelves are still empty. To somewhat pervert Say’s Law, which says that supply creates its own demand: Demand creates its own demand. There are things you want only because other people want them. Panic buying, and the possibility of avoiding it by finding substitute goods for three very coveted items, is the subject of the current essay. It should be noted at the outset that participating in a buying (or selling) hysteria is rational. If there is ...read more...