Flaws and Ceilings: Price Controls and the Damage They Cause

227 Pages Posted: 26 Feb 2018

See all articles by Christopher J. Coyne

Christopher J. Coyne

George Mason University - Department of Economics

Rachel Coyne

George Mason University

Robert C.B. Miller

IEA, Institute of Economic Affairs, U.K.

Stanley Siebert

Business School, University of Birmingham; IZA Institute of Labor Economics; Institute of Economic Affairs (IEA)

Ryan Bourne

Institute of Economic Affairs (IEA)

Colin Robinson

University of Surrey - Department of Economics

Richard Wellings

Institute of Economic Affairs (IEA)

Philip Booth

City University London - Sir John Cass Business School

Stephen Davies

Institute of Economic Affairs (IEA)

Steven Schwartz

Brunel University London

Christopher Snowdon

Institute of Economic Affairs (IEA)

Date Written: April 21, 2015

Abstract

Price controls across many sectors are currently being hotly debated. New controls in the housing market, more onerous minimum wages, minimum prices for alcohol, and freezes on energy prices are very high up the agenda of most politicians at the moment. Even without any further controls, wages, university fees, railway fares and many financial products already have their prices at least partly determined by politicians rather than by supply and demand in the market. Indeed, barely a sector of the UK economy is unaffected in one way or another by government controls on prices. This book demonstrates why economists do not like price controls and shows why they are widely regarded as being amongst the most damaging political interventions in markets. The authors analyse, in a very readable fashion, the damage they cause. Crucially, the authors also explain why, despite universal criticism from economists, price controls are so popular amongst politicians.This excellent book, edited by Christopher Coyne and Rachel Coyne, should be of great value to all those with an interest in minimum wages and other forms of price control.

Keywords: minimum pricing, price controls, rent controls, shortages

JEL Classification: D4, D49

Suggested Citation

Coyne, Christopher J. and Coyne, Rachel and Miller, Robert C.B. and Siebert, Stanley and Bourne, Ryan and Robinson, Colin and Wellings, Richard and Booth, Philip and Davies, Stephen and Schwartz, Steven and Snowdon, Christopher, Flaws and Ceilings: Price Controls and the Damage They Cause (April 21, 2015). Flaws and Ceilings: Price Controls and the Damage They Cause, Institute of Economic Affairs Monographs, Hobart Paperback 179, ISBN: 978-0-255-36702-8. Available at SSRN: https://ssrn.com/abstract=3123729

Christopher J. Coyne

George Mason University - Department of Economics ( email )

4400 University Drive
Fairfax, VA 22030
United States

Rachel Coyne

George Mason University ( email )

4400 University Drive
Fairfax, VA 22030
United States

Robert C.B. Miller

IEA, Institute of Economic Affairs, U.K. ( email )

2 Lord North Street
London SW1P 3LB
United Kingdom

Stanley Siebert

Business School, University of Birmingham ( email )

Edgbaston
Birmingham, B15 2TT
United Kingdom
(44) 1214146698 (Phone)

IZA Institute of Labor Economics

P.O. Box 7240
Bonn, D-53072
Germany

Institute of Economic Affairs (IEA) ( email )

2 Lord North Street, Westminster
London, SW1P 3LB
United Kingdom

Ryan Bourne

Institute of Economic Affairs (IEA) ( email )

2 Lord North Street, Westminster
London, SW1P 3LB
United Kingdom

Colin Robinson

University of Surrey - Department of Economics ( email )

Guildford
Surrey GU2 7XH
United Kingdom
+44 1483 682782 (Phone)
+44 1483 689548 (Fax)

Richard Wellings (Contact Author)

Institute of Economic Affairs (IEA) ( email )

2 Lord North Street
London SW1P 3LB
United Kingdom

Philip Booth

City University London - Sir John Cass Business School ( email )

106 Bunhill Row
London, EC1Y 8TZ
United Kingdom

Stephen Davies

Institute of Economic Affairs (IEA) ( email )

2 Lord North Street, Westminster
London, SW1P 3LB
United Kingdom

Steven Schwartz

Brunel University London

Kingston Lane
Uxbridge, Middlesex UB8 3PH
United Kingdom

Christopher Snowdon

Institute of Economic Affairs (IEA) ( email )

2 Lord North Street, Westminster
London, SW1P 3LB
United Kingdom

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