The unnecessary revival of price controls should worry us all ...Middle East

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The unnecessary revival of price controls should worry us all
Government price caps are again in the news again. The U.S. government is in the process of imposing them on key drugs as authorized by the Inflation Reduction Act. Across the Atlantic, the British government suggests their use not just for energy but now also for food retail. These are not new reactions to inflation and escalating costs. They are in line with the natural knee-jerk reaction of politicians to impose price controls as a mistaken cure for rising prices. For example, in the 1970s both British Prime Minister Edward Heath and U.S. President Richard Nixon experimented with price caps of one sort or another. These experiments sparked shortages and sparked inflation after the c

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