To add to that collection, here’s part of a lecture by Professor Antony Davies.
The bottom line is that price controls have a history of failure, anywhere and everywhere they’ve been tried.
- They have led to catastrophic outcomes when implemented as part of command-and-control socialism, as we saw in the Soviet Union and Maoist China.
- They have produced terrible consequences when imposed on an economy-wide basis to ostensibly fight inflation, as was the case in post-war West Germany and in the United States with the (pro-statism) Nixon Administration.
- And they have generated awful results when politicians interfere with prices in specific sectors of the economy (rent control, community rating, minimum wages, gouging laws, etc).
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