How would you like it if the cost of milk were only two dollars a gallon? Milk for 99 cents a loaf (and that’s for the fresh stuff)? How about a gallon of gasoline for 75 cents. Why doesn’t the government just set the price for us?
That did happen in the old Soviet Union and is currently being implemented in Venezuela. Has it ever happened in the United States? Generally, prices in the U.S. are kept artificially high to “protect” producers. There has been a minimum price on milk for decades. Nixon, Ford, and Carter, however, promoted gasoline price controls in the 1970s.
The result of government-imposed low prices on gas was shortages. I was young then and not driving, but I remember the long lines and rationing. Someone had the brilliant idea of being allowed to buy gas based on the last number of your license plate. We had even and odd numbered days. That was before vanity plates.
As I was looking up articles about this subject, I noticed that most of the blame was placed on oil shortages and those nasty OPEC folks. Thomas Sowell
t in return, will they make the product? The answer is easy. They will not and you will have shortages. That is Basic Economics
.
Thomas Sowell tackles economics in a straightforward style. I found Basic Economics to be very interesting and informative. Unless we all learn more about economics, we will be susceptible to the snake oil salesmen (i.e. politicians, journalists, and many economists). This is an essential primer on economics that everyone needs to read.
If you want to stay in the economic darkness, do not buy this book. It is said that “ignorance is bliss,” but folks tend to take advantage of you.
Come into the light.
You can read articles by Thomas Sowell at Town Hall.
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[...] a great book on economics you could read any number that I have read and reviewed and in particular Basic Economics also by Sowell. I believe that he has recently updated this favorite [...]