Recent Blog Posts
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The $4.5 Billion Dollar Bank Run
Nov 07 201111:20 am EDT -
The Times' Rorshach Geithner Story
Apr 27 20099:26 am EDT -
Sinking Animal Spirits
Apr 27 20098:45 am EDT -
Counter-cyclical Urban Policy
Apr 26 200910:00 am EDT -
Be Your Own Counterfeiter
Apr 26 20099:36 am EDT -
Being Tim Geithner
Apr 25 200912:37 pm EDT -
Notes From a Press Conference Naif
Apr 25 20099:41 am EDT -
What Good is the News?
Apr 25 20098:32 am EDT -
Stressful Enough
Apr 24 20092:29 pm EDT -
Not Regretting the Pound
Apr 24 20091:09 pm EDT
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The Return of Price Controls
In a move described by Dresdner Kleinwort as "even more predictable than the price surge that triggered it", Russia has decided to impose price controls on elected types of bread, cheese, milk, eggs and vegetable oil; the fourth word of the FT article is "Soviet-style". But in fact price controls are not solely the domain of autocratic regimes: Argentina, which had its a vibrant election yesterday, has been imposing them for some time.
Economists hate price controls, and for good reason: not only do they not work in theory, they also don't work in practice. But it does seem as though the global commodities boom, especially in the agricultural sector, must shoulder most of the blame for this latest spate of price controls. They never really went away: there was just no need for them during the Great Moderation.
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