You raise a good point. Were those price controls due to inflation or something else? 🤔 idk
Discussion
Still makes me wonder if the current situation is in some respect similar to world war II
I don’t think the American economy today is very similar to 70 years ago. But I do think price controls on some goods can be done in a way which isn’t terrible. On the other hand, when I lived in Argentina you could buy a max of 2 packs of 6 eggs for super cheap. But if you wanted to buy a pack of a dozen eggs or more the price was like 10x more. It caused all sorts of weird things like making me go to multiple supermarkets to get all the eggs i wanted. And pretty much everything about Argentine economic policy is a mess.
Hmm, we had energy price fixing across much of Europe and it’s not been so great for inflation, public debt, erosion of living standards, etc.
Some people didn’t freeze to death though, so some balance there. But price fixing just breeds inefficiency, waste and has a high cost burden for society at large.