That’s every economist’s reaction to renewed calls for price controls.
The theory is so airtight, the empirical evidence so overwhelming. The consensus among economists on price controls is impressive, and it stretches back decades.
What’s more, the assumptions required to oppose price controls are so minimal. Economics can’t tell you to favor prosperity and social harmony, but how many people truly don’t?
But I must confess: There’s one thing about price controls that I thoroughly enjoy. It’s the endless litany of colorful examples they provide for my Econ 101 course.
Price controls bring the “marvel of the market” into sharp relief. “See all this