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What is Consequences of Price Controls about?

This document discusses the history and effects of price controls. It notes that governments have tried to control prices since ancient times by setting maximum or minimum levels. While price controls aim to help vulnerable groups, economists generally oppose them due to the distortions they cause in resource allocation. Price ceilings cause shortages while price floors cause surpluses. Controls prevent the price system from balancing supply and demand, leading to queues, quality deterioration, evasion, and

Author

joseph Yatta

Language

EN