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While the outrage is understandable, and while US society is irredeemably dysfunctional, the notion that government price-caps can do anything other than make everything much, much worse is totally delusional. Every single time any government anywhere has imposed price caps, the results have been uniformly catastrophic and that is because price caps can't compete with economic fundamentals. At best, price caps provide a very fleeting illusion of action that is swiftly followed by disaster; at worst there isn't even the fleeting illusion. Economic illiteracy and ignorance are never good foundations for proposing viable policy.

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Allan Milne Lees
Allan Milne Lees

Written by Allan Milne Lees

Anyone who enjoys my articles here on Medium may be interested in my books Why Democracy Failed and The Praying Ape, both available from Amazon.

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