Price Controls
With New York reviving a citywide rent freeze, Joseph Salerno returns to the economics of price controls. Following Mises and Rothbard, he shows how a single cap—on milk, say—triggers shortages that pull in control after control until the state is planning everything. He tells the story of postwar Germany, starving under price controls until Ludwig Erhard abolished them in a stroke, and then traces the surprising long-run damage of rent control: not just housing shortages, but frozen mobility, decaying buildings, black markets, and even more discrimination.
Recorded at the Mises Institute in…
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