11/5/12

Price Controls

Price Controls

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The “mob had been in motion all the day; but their business was only with the forestallers of the market, who had bought up all the corn far and near, to starve the poor, and load a Dutch ship, which lay at the quay; but the mob brought it all out into the market, and sold it for the owners at the common price. And this they did with all the calmness and composure imaginable, and without striking or hurting anyone.

—John Wesley’s description of an Irish incidence when the custom of regulated and reasonable prices was violated. From: Restakis, John. 2010. Harmonizing the Economy: Cooperatives in the Age of Capital. New Society Publishers: NY, NY.

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Figure ?—Shortages Caused by AntiPrice Gouging Laws During Hurricane Sandy (ReasonTV)