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Price controls across many sectors are currently being hotly
debated. New controls in the housing market, more onerous minimum
wages, minimum prices for alcohol, and freezes on energy prices are
very high up the agenda of most politicians at the moment. Even
without any further controls, wages, university fees, railway fares
and many financial products already have their prices at least
partly determined by politicians rather than by supply and demand
in the market. Indeed, barely a sector of the UK economy is
unaffected in one way or another by government controls on prices.
This book demonstrates why economists do not like price controls
and shows why they are widely regarded as being amongst the most
damaging political interventions in markets. The authors analyse,
in a very readable fashion, the damage they cause. Crucially, the
authors also explain why, despite universal criticism from
economists, price controls are so popular amongst politicians. This
excellent book, edited by Christopher Coyne and Rachel Coyne,
should be of great value to all those with an interest in minimum
wages and other forms of price control. cheers
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