Price Controls: 10 Myths and Facts

Advocates of free markets, not that they are many out there, usually have to face questions and criticism from various quarters. In the times of so-called market failures and global recessions, it is a daunting exercise to confront these questions as they are often couched in concerns for welfare, economic justice, and populism. 

When it comes to food items, the price controls become even more favorable for politicians, policymakers, and community workers. The author presents a few commonly held myths and their corresponding facts, which may help in understanding how markets work. It may be noted that the myths have been derived from popular media debates, public statements by elected officials and during general discussions while facts are grounded on history and proven laws of economics.

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