Emeritus Prof Christopher May15h ago

Economists will tell you that price caps stop markets working properly... which is all very well, but when we can see that market society is not working well for the majority of the population, some focussed policy of price caps looks increasingly politically expedient (not least of all as there are all sorts of examples of prices caps not causing the economic sky to fall in).

Markets can be modified, have been modified and should be!

#economics #PriceControls

https://www.theguardian.com/commentisfree/2026/mar/27/governments-controlling-prices-inevitable-mexico-spain-cost-of-living

Governments controlling prices? It has long been unthinkable – but may now be inevitable

In Mexico and Spain, leaders who have capped public costs have been rewarded at the ballot box. As another cost of living surge arrives, it may be a policy our leaders are unable to resist, says Guardian columnist Andy Beckett

The Guardian
Show threadFishd

@ChrisMayLA6 Obviously, the previous control for prices was competition but given the regulators everywhere appear to have turned a blind eye to the myriad of mergers, acquisitions and mega-mergers ...

We have a system of monopolies everywhere, hiding in plain sight through sub-brands and partnerships etc.

Once monopolies are in place, there path is clear.

#hattip to @pluralistic and his book Enshittification.

10:33amWeb
Show threadEmeritus Prof Christopher May13h ago

@Fishd @pluralistic

The UK's bigger problems is tacit 'cooperation' in oligopolistic markets - the appearance of competition but none of the assumed advantages... economists are often much too relaxed about markets controlled by oligopolistic clusters