3 ms·
My issue with Isabella Weber's data is that she picks WWII as a prime example where price controls worked. But that was a time when we needed to produce as any
by WheelsAtLarge 3y ago
My issue with Isabella Weber's data is that she picks WWII as a prime example where price controls worked. But that was a time when we needed to produce as any cost, which creates jobs, so price controls did not affect supply. The generalization that price controls will always work is a fallacy. We have seen over and over that price controls will reduce supply which makes matters worse. She sites edge cases which make sense, under certain situations.
What I find strange is that she has picked-up so much support from economists. Why haven't they looked at her data as exceptions rather than the rule?
There might be a valid case for price controls but only on a case by case basis.