Ryan Bourne on *The War on Prices: How Popular Misconceptions about Inflation, Prices, and Value Create Bad Policy*
Macro Musings with David Beckworth
Exploring Price Controls and Their Economic Implications
This chapter delves into the historical context of price controls, examining their role during World War II and their impact on resource allocation. It critiques the misconception that price controls yield positive economic outcomes by highlighting negative impacts such as black markets and distorted consumption patterns. The chapter also discusses the consequences and unintended outcomes of price regulations, using examples from various international instances, like energy and food price controls.
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