In the link of my previous post, Stephen W. Carson references an article in USA Today.
There are people I knew who don’t comprehend the concept that if people consume less of a product, the price of that product tends to drop. One gentlemen, in particular, whom I shall call ‘D’, thought that price controls were the only way to drive down gasoline prices. D claimed to be a history major in college, so I gave him a brief history lesson about the long gas lines caused by price controls in the 1970′s, of which I had the priviledge of experiencing. That did not shake his resolve. When I asked him who should decide what the ceiling price should be, D said he didn’t know, but that it should be decided by government nonetheless. I let his circular argument run for two or three laps before I left to do something more edifying.
Sometimes I get a sense of vindication when I see the basic laws of economics play out contrary to socialist and fascist thinking. Of course, he still probably doesn’t get it.
