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> Again, egg farmers are not going to suddenly just kill all of their chickens and switch to building datacenters because we only implemented price controls on
by Aunche 4y ago
> Again, egg farmers are not going to suddenly just kill all of their chickens and switch to building datacenters because we only implemented price controls on necessities like food. Nixon's price controls went fine, as but one example.
Funny you say that...
> Ranchers stopped shipping their cattle to the market, farmers drowned their chickens, and consumers emptied the shelves of supermarkets.
https://www.pbs.org/wgbh/commandingheights/shared/minitextlo/ess_nixongold.html https://www.pbs.org/wgbh/commandingheights/shared/minitextlo...
- naasking 4y agoNotice how the first round of price controls went just fine though. Like interest rates, price controls are not a hammer to apply indiscriminately. You have to apply them judiciously and for short periods. Unlike interest rates, at least they don't depress the whole economy, lead to recessions and disproportionately harm the poor.