I think @kneeblock is right, but he's using a very specific outcome and pretending that it's a broad one.I think you're failing to recognize that Rand is willing to be a complete douche and a tool that will grandstand and do something for the sake of keeping his pubehead on the news. So for that reason, there's a chance that he'll say or do something that is so obstructive that he makes history.
We've seen this movie before.Fears were overblown for years. But let’s not be blasé about how hard it could be to halt high prices if they haunt us again.www.nytimes.com
Think we could use some good old fashioned price controls just to be safe?Fears were overblown for years. But let’s not be blasé about how hard it could be to halt high prices if they haunt us again.www.nytimes.com
Think we could use some good old fashioned price controls just to be safe?
Saw it?Saw this today and definitely tracks.
In this particular case, many inflation projections aren't necessarily tied to such simple forces as supply and demand, even monetary supply. If we see consumer price inflation, it's likely to be due to the real underlying economy, i.e. businesses trying to recoup losses not relative abstractions like the money supply. Price controls are a useful mechanism to prevent hoarding to rebuild cash reserves, but taxation is probably a better instrument overall. What you're alluding to about certain services being taken out of the market to become public goods is probably even better. Some mix of all three approaches would be useful in the recovery. The inflation phantasm is mostly going to blunt growth for smaller businesses and workers because many large corps were able to retain their reserves through financial mechanisms.By what mechanism?
there are certain products and services that don't really apply to a free market because you can't boycott or have choice. This is part of the failure of treating all of medicine as if supply side focus will solve the dilemma. Some services can be shopped for but a great majority of those are not the most expensive portions. During the most expensive moments you don't have choice and you can't boycott. So yeah there probably should be some type of price controls in these specific circumstances that need to be focused as a public good even if it means decreased profitability/pseudo choice. The free market doesn't really exist there already and there's essentially a monopoly on you when you're sick.
On the other hand I don't support the same for products or services in which there are simply short supply and instead of capping prices I think it'd be much more appropriate to look for ways to incentivize more supply.
Likewise if the problem with incoming inflation is loose fed policy dumping huge amounts of liquidity into a hot/recovering economy, then a better option is to just not create that problem in the first place. You could create deflationary forces against that via tax policy and in this case I actually support this being a very progressive taxation due to the simple question of what actions create the largest economic stimulus.