>The argument that the threat of gouging increases the motivation to hoard is basic economics.

But the ability to increase price freely also decreases actual hoarding, because when stores see a massive increase in demand, they'll be incentivised to increase prices, which will deter unnecessary purchases.

Are people hoarding because they're worried about being gouged on the price, or because they're worried about being unable to buy at all? Are the viral social media posts "OMG look at these high prices", or "OMG look at these empty shelves"? From a hypothetical perspective, which scenario creates a stronger incentive to buy supplies now: "Prices might rise 10x in the next month, but buying will always be possible", or "The supply might run out completely in the next month"?