Emeritus Prof Christopher May17h 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 threadCodewizard16h ago

@ChrisMayLA6 let's come down to the fundamental question......

What is a market ??🤔🤔🤔🤔🤔🤔🤔

Show threadEmeritus Prof Christopher May15h ago

@codewizard

Ha ha, used to do a whole hour long lecture on that in my economics for non-economists course.... not an easy Q. to answer

Show threadCodewizard

@ChrisMayLA6 would you like to insinuate that non-economists absolutely have no clue about the market ??🤔🤔🤔

There are plenty of people in my country who can't even write their own name.

But it doesn't really matter today whether you're literate or illiterate. Your face would be recorded as your signature.

And the funniest thing is that people are gobbling up all this nonsense by the administration with a huge amount of zeal.

3:02pmWeb