How Federal “Bans”, “Freezes”, and “Price Controls” Spread Economic Chaos
I have always been a believer in free market economics. Whenever a government tries to “fix” things, it often makes things worse, and more often than not, the law of Unintended Consequences is engaged. Prohibition of alcohol early in the last century is often cited, but some of the worst cases of Federal government intervention have taken place since the 1960s. Here are a few examples: Roosevelt and Nixon Administration Wage and Price Controls History has shown that wage and price controls (also called “incomes policies“) are an exercise in futility. In the United States, wage and price controls were …