Price Controls Are Popular Again

So today's topic is indeed on...

The approval of...

It's on price controls in general, and the fact that they seem more in vogue with all political parties, right? A majority of Republicans, a majority of Independents, a majority of Democrats are favoring price controls.

I am guessing everybody who listens knows what a price control is, but... working definition, the government would impose usually some maximum price that can be charged for a product.

I guess price controls could mean a minimum, like a minimum wage is technically a price control.

But I think in this context, we're talking about a maximum price that could be charged for any product or service or housing.

So your First, the thoughts on the origins.

I think it's not too tricky to come up with what are the origins for this, but why do you suppose it's changed and more people are now in favor of government price controls? Those listening don't see Jadrian rubbing his head as he's...

I mean, I have thoughts on this that I'm...

I'd love to pick your brain about it because this is one of those topics that I think...

if you just study history, right? Like I think it's just so, and this is where maybe economists are failing to really make a good pitch.

Because I mean, I really come in on the history side of things.

I go, we've tried it.

We've done it.

It doesn't work.

And a lot of times I think you hear people say, well, this time could be different.

So, you know, and I think that's my answer, right? Like what is causing it? I'm gonna chalk it up to fatigue, right? I think you can believe...

in a political party to solve your problems.

And so I think we saw this in this most recent election, the one four years before that and four years before that, where the economy is high on the list, at least for as long, I mean, I don't know where it ranks in terms of like national security, anything like that, but I have to imagine at least over the past decade, it's probably at the top, maybe the past 20 years since the great recession, it's at the top.

I think you can believe that your political party is the one that's going to solve the problems and you're going to vote for the person that you think is going to solve the problems.

Generally, the Republican Party is one that is limited government.

Historically has been limited government.

Historically has been limited government.

And so that would usually be the one that you would say they they're not going to support price controls, whereas Democrats tend to say like the government needs to be involved and they would be more supportive of price controls.

So I don't think anybody is surprised that members or constituents of the Democratic Party are in favor of it.