Macro Musings with David Beckworth
Ryan Bourne on *The War on Prices: How Popular Misconceptions about Inflation, Prices, and Value Create Bad Policy*
Jun 3, 2024
Ryan Bourne, from the Cato Institute, discusses the history of rent and price controls, dynamic pricing, root causes of inflation, and more. Topics include debunking economic myths, the importance of prices in economic coordination, exploring market supply chains, efficiency of price mechanism, consequences of price controls, impact of minimum wage increases, benefits of dynamic pricing, and understanding inflation dynamics and policy implications.
01:00:31
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Quick takeaways
- Market prices convey valuable information for efficient allocation of resources.
- Price controls can lead to black markets, reduced quality, and inefficiencies.
Deep dives
The Book 'The War on Prices' Addressing Misconceptions About Inflation
The book 'The War on Prices' aims to debunk misconceptions about inflation, especially during times of unexpected inflation. Authors discuss how narratives of inflation being solely caused by external factors like supply shocks can lead to misguided policy decisions like price controls or anti-price gouging laws.
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