Monday, July 12, 2010

Price Controls

“Modern [price] controls are issued for the same reasons as the ancient ones: they serve to hide the reason for the price increases. Diocletian’s problem with rising prices came from the fact that he was depreciating the money by issuing large amounts of debased coins. Given that, prices had to rise. People could not comply with the law, which eventually fell into disuse after casuing great hardship and many deaths.” (Herbert Schlossberg, Idols for Destruction, p. 125).

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