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Price Controls Were a Disaster in the 1970s. They Would Be a Disaster Today Too
- giorgioz 5y agoI recommend reading Basic Economics from Thomas Sowell for more examples of how fixing prices and a centralized allocation of prices and resources is terribly inneficient and it backfires terribly bring misery to entire countries: https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465060730 https://www.amazon.com/Basic-Economics-Thomas-Sowell/dp/0465... Thank you to user on Hacker News that suggested this book in a comment a few years ago. It was eye opening and one of the most important books I've ever read.
- lern_too_spel 5y agoThe price of insulin had been regulated in Canada for a very long time, which has been net positive. The WaPo article that this typically unreasoning Reason.com author is railing against doesn't propose price controls for just anything, where price controls could limit supply, but only in cases where economists agree they would work as an alternative to an even worse market failure. https://en.wikipedia.org/wiki/Market_failure?wprov=sfla1 https://en.wikipedia.org/wiki/Market_failure?wprov=sfla1