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Politics : Foreign Affairs Discussion Group
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To: Karen Lawrence who wrote (36312)8/9/2002 1:21:35 AM
From: D. Long  Read Replies (1) of 281500
 
Karen,

It is a case of simple economics. If you limit the price a good can be sold at, then supply will not meet demand. You will have shortages.

If there had not been a price cap, prices would have risen freely and the market would have been self-regulating as fewer people bought gas at the market price.

It's hard to find a cite for the effects of the 70's caps, since the subject has been eclipsed obviously by a mountain of articles on the California power crunch. But here's a little something on the matter:

geoffmetcalf.com
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