This video from Don Boudreaux is a great addition to that collection.
What happens, though, when politicians interfere with this system by dictating minimum or maximum prices?
Now let’s consider the macroeconomic impact of price controls.
The World Bank has just published a new working paper on this issue. Here are some of the key findings.
Price controls have a long history with well documented examples… In the 20th century, these policies were used extensively in several Western countries…, culminating with widespread controls in the United States and the United Kingdom in the 1970s… Price controls were…
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