Wednesday, March 4, 2015

Economic Lessons: Government Imposed Price Ceilings Suck

Actually, all price ceilings suck, but usually they're the result of government intervention, as was the case with Republican president Richard Nixon's ignorant meddling in the economy during the early 1970s.  For those of you old enough to remember, this was the time of gas shortages, rationing, and long lines at the station.  And it had nothing to do with a shortage of worldwide oil production.   The excellent folks over at Marginal University have a new video explaining all:


[ht: Cafe Hayek]