Price Controls and Communism
April 25, 2017 • by Joe Carter
Note: This is post #30 in a weekly video series on basic microeconomics.
What happens when price controls are used in communist countries? As Alex Tabarrok explains, all of the effects of price controls become amplified: there are even more shortages or surpluses of goods, lower product quality, longer lines and more search costs, more losses in gains from trade, and more misallocation of resources. Continue Reading...