Want to make economy worse? Put in price controls

History has a way of repeating itself. Or maybe it’s that people cling to defunct beliefs, stubbornly refusing to learn from experience. Such stubbornness is on display when pundits, legislators and President Joe Biden blame inflation on corporate “greed.” The fix, they claim, is price controls. But such controls would only bring further economic calamity.

To explain hikes in the prices of meat, poultry and energy, many politicians and pundits say we must look no further than cold-hearted corporate CEOs padding their bottom lines at the expense of ordinary Americans. Companies today are allegedly so greedy that they use the pandemic as an excuse to charge extortionate prices. Sen. Elizabeth Warren, D-Mass., told MSNBC’s Chris Hayes that “giant corporations who say, wow, a lot of talk about high prices and inflation. This is a chance to get in there and not only pass along costs, but to inflate prices beyond that and just engage in a little…

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