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Economic Education, Price Controls

Don Boudreaux's Ah-Hah Moment

In "The Greatest Service Economists Perform," published this morning by the American Institute for Economic Research, Don Boudreaux tells a story that he had told me in shorter form many years ago. It's one of my favorite stories about someone being "hooked on economics," to the use the title of Chapter 2 of my book The Joy of Freedom: An Economist's Odyssey. Here's Don's story: My love affair with economics began nearly 42 years ago in a classroom at Nicholls...
EconLog By Bryan Caplan
A Birthday Tale
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A couple of weeks ago, I booked a laser tag party for my younger son, who just turned 9.  When we arrived at the venue Sunday, it seemed completely closed.  I nervously checked my confirmation, but all was in order.  Then I double-checked the hours...

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Those two lines yield the price mechanism and resources are allocated accordingly.  Friedman counseled, price transmits information. Because energy prices were fixed, there was no incentive for new suppliers to enter the market. Hence a shortage.

Coming Monday to EconTalk… Rodney Brooks on Artificial Intelligence

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