Anti-price gouging laws mean that those who really end up getting the short end of the stick are those who don't have the time or the means to beat the crowds to the store. Worse off are those of lesser means who rely on public transportation or walking to transport groceries home.
What needs to be done in such a crisis is not to attempt to steer the market to ensure it provides what is needed, but to let it free to do what it always does: match the goals of entrepreneurial producers with the needs of the populace.
You are not even allowed to ask: "Is the price we’re paying worth it?" or "Is this an abundance of caution, or an overdose?" The "serious people" attack anyone who urges calm and encourages others to adopt a "don’t panic" approach. The new party line is: panic = virtue.
Rent control looks good in the short run, but over time it means less housing and higher real costs for most ordinary people.
The term "socialism" properly refers to government ownership of industry and service providers. In this respect, Bernie Sanders has a long record of proving he's a true socialist.
Blinded by their zeal to save the masses from the "excesses" of greedy landlords, politicians are ignoring the regulatory state that keeps housing prices on the rise.
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The Human Action Podcast features in-depth interviews on current topics in economics through an Austro libertarian lens.
