People are paying a lot more for food, gas, cars and services, and inflation isn't over yet as the pandemic continues to distort the economy. So should governments consider setting the price of essential goods?
It's been done before, typically during times of crisis, but for most mainstream economists, the answer to this question is a resounding"no." Limiting how much companies can charge will distort markets, they argue, causing shortages and exacerbating supply chain problems while only temporarily reducing inflation.
He also extended caps on energy, fuel and mortgages.'Sick to my stomach': Dollar Tree fanatics protest new $1.25 pricesIsabella Weber, an assistant professor of economics at the University of Massachusetts Amherst, argues that price controls have a role to play in the United States, too, as policymakers try to address inflation caused by the extraordinary circumstances of the pandemic.
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