Wage and Price Controls Failed...

Tags: Interventionism, Money and Banks

05/06/2008 Mises Wire Mises.org

...in Massachusetts during 1630-50. From Murray Rothbard’s Conceived in Liberty: “Maximum-wage control always aggravates a shortage of labor, as employers will not be able to obtain needed workers at the statutory price. In trying to force labor to be cheaper than its price on the free market, the gentry only made it more difficult for employers to obtain that labor.” (p. 254, Vol. I, Chapter 31). Listen to Chapter 31 in MP3 audio format: Economics Begins to Dissolve the Theocracy: The Failure of Wage and Price Controls.

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