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The best sentence I read today….. – Publications – AEI

Summary:
AEI The best sentence I read today….. …. is from Thomas Sowell (The Thomas Sowell Reader): Price controls are essentially lies about supply and demand. MP: And yet according to what Nobel laureate Richard Thaler said recently in an interview with Marketplace about “price gouging” following disasters, “We have to think beyond the laws of supply and demand, beyond pure economics.” In other words, Thaler is asking us to depart from the reality of market prices that accurately, truthfully, and honestly reflect true market conditions following a disaster into a false, distorted fantasy world where artificially low prices that result from anti-price gouging laws are really “lies about supply and demand.” Seems like it would better to bring those who believe in prices that are lies back into

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AEI
The best sentence I read today…..

…. is from Thomas Sowell (The Thomas Sowell Reader):

Price controls are essentially lies about supply and demand.

MP: And yet according to what Nobel laureate Richard Thaler said recently in an interview with Marketplace about “price gouging” following disasters, “We have to think beyond the laws of supply and demand, beyond pure economics.” In other words, Thaler is asking us to depart from the reality of market prices that accurately, truthfully, and honestly reflect true market conditions following a disaster into a false, distorted fantasy world where artificially low prices that result from anti-price gouging laws are really “lies about supply and demand.” Seems like it would better to bring those who believe in prices that are lies back into economic reality than to encourage those grounded in reality to try to understand the delusional fantasy world of the economically illiterate. And the last thing we should do is implement public policies in the form of anti-price-gouging laws that are based on legislating prices that are false, untruthful, and dishonest. That is, if we care about the truth, and want to minimize suffering and speed up the recovery process following hurricanes, floods and earthquakes.

 

 

The best sentence I read today…..
Mark Perry

Mark Perry
Mark J. Perry is concurrently a scholar at AEI and a professor of economics and finance at the University of Michigan’s Flint campus. He is best known as the creator and editor of the popular economics blog Carpe Diem. At AEI, Perry writes about economic and financial issues for American.com and the AEIdeas blog.

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