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Price Controls: Still a Bad Idea

by David Henderson

With inflation at 40-year highs, some economists and many politicians have started viewing price controls as a possible solution. Price controls are not a new concept and have been proven to fail time and time again. The consequences of pursuing such a policy are resulting shortages in the affected goods and corruption in selling goods, and it leads to further ineffective policies, worsening conditions. In this article, Henderson explains the effect of price controls and reviews historic examples and the ensuing consequences.

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