Loonbat UMass Econ Prof Offers “Price Controls” to Handle Inflation – IOTW Report

Loonbat UMass Econ Prof Offers “Price Controls” to Handle Inflation

Daily Wire

In an opinion piece for British news outlet The Guardian, University of Massachusetts economics professor Isabella Weber said that policymakers should consider implementing price controls to combat inflation.

Noting the fact that inflation is near a four-decade high, Weber argued that an “explosion in profits” is at least partially responsible. She drew an analogy to the aftermath of World War II and economists’ calls for price controls More

France tried price controls, just before the French Revolution. Here

14 Comments on Loonbat UMass Econ Prof Offers “Price Controls” to Handle Inflation

  1. Obviously Weber is a commie and learns nothing from history.
    If a thousand people sent her that articles about the Enrages she still wouldn’t get it or want to get it.
    Boy, talk about communism. Controlling prices would lead to controlling food and every other part of life.

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  2. It was an abject failure when Nixon tried it. Price controls have never worked.
    You’d figure some masshole from U Mass would come up with such a ridiculous notion. Academics just can’t seem to walk away from coercion.

    mortem tyrannis
    izlamo delenda est …

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  3. Nixon did price controls, and according to what I posted below, 75% backed the plan, so why not try it again? Anyone remember that part of history? I do. Nixon was a Repuglican too.

    After a 90‐​day freeze, increases would have to be approved by a “Pay Board” and a “Price Commission,” with an eye toward eventually lifting controls — conveniently, after the 1972 election.

    Putting the U.S. economy “into a permanent straitjacket would … stifle the expansion of our free enterprise system,” Nixon said. As President George W. Bush put it in 2008, sometimes you have to “abandon free‐​market principles to save the free‐​market system.”

    There was no national emergency in the summer of ’71: unemployment stood at 6 percent, inflation only a point higher than it is now. Yet, after Nixon’s announcement, the markets rallied, the press swooned, and, even though his speech pre‐​empted the popular Western Bonanza, the people loved it, too — 75 percent backed the plan in polls.

    https://www.cato.org/commentary/remembering-nixons-wage-price-controls#

  4. Stuff costs what it costs. If you artificially price sonething below what it costs, no one will make it for sale on the open market, so it will disappear. If it is high demand, it will re-appear on the black market, where it will cost what it costs.

    ..
    …and there’s this…

    “When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.”
    P.J. O’Rourke

    …and, after the bribes are paid, the bribes will be rolled into the cost of the item, and then stuff will cost what it costs.

    Price/wage controls don’t work.

    Read Adam Smith for a fuller explanation.

    Or the history of Communism…

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  5. If you missed the obvious point that this person is in a position to demand students adopt failed policies as good and correct ideas and that she is dangerous to society when she started with the Price Controls crap,,there is this

    support her reasoning, Weber invoked the need to fight climate change and the decision of Sen. Joe Manchin (D-WV) to pull support from President Joe Biden’s domestic agenda:

    After Decades of Warnings of Dire Consequences aaannd exactly NONE of the predictions coming to pass,these fools continue to believe!!

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  6. The left really doesn’t have any understanding how the universe works. There are principles at play you have no say so over. Like gravity, the price of rice in China, and what a woman really wants. (j/k ladies of IOTWr)

    They think they get to create reality, but don’t realize their creative powers are limited to between their ears. I see this in every argument a lefty makes to me in person.

    Long ago, I asked my most-lefty friend why he thought something he said was true and he said “because it came into my mind”. OH. Well. That settles it, I guess? Forget my references to historic facts, actual math, and current events then. Pfft! What was I thinking by thinking on my own?

    Problem is, they never connect their horrific results to their actions/policies.

    This is how a war can spawn naturally. No common ground of understanding and acceptance.

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