Price controls are bad in textbook economics but they can actually work well in certain circumstances. See Weber’s “How China Escaped Shock Therapy” and Galbrai

Price controls are bad in textbook economics but they can actually work well in certain circumstances. See Weber’s “How China Escaped Shock Therapy” and Galbraith’s “The Theory of Price Control.” This is the problem with supply and demand as the master theory of everything, it leads people to be overconfident theorists and ignore evidence.