Ideas from the Lunatic Asylum | What to do about Inflation?

#economics #ideas #logic

Inflation is absolutely devastating to the economy. It could be halted by not printing money. That won’t happen. Inflation will be explained in a number of ways—likely not correct. Then, ideas will float around how to control inflation. The idea that never goes away is price controls. I find it hard to believe they don’t know its never worked. It just leads to: shortages, decline in quality, black markets, and eventually rationing.

Price controls is an idea straight out of the lunatic asylum. It’s been tried in: Rome, China, USSR, and the US. That’s not an exhaustive list, but its not like they worked in other places. Maybe they don’t know anything about history. Anyone who knows anything about economics knows price controls are a disaster. It won’t address inflation in the slightest. They will just make everything worse.

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