Should the government control the price of food and gas?

Should the government control the price of food and gas?

CNN Edition - Business·2022-01-19 12:02

London (CNN Business)People are paying a lot more for food, gas, cars and services, and inflation isn't over yet as the pandemic continues to distort the economy. So should governments consider setting the price of essential goods?

It's been done before, typically during times of crisis, but for most mainstream economists, the answer to this question is a resounding "no." Limiting how much companies can charge will distort markets, they argue, causing shortages and exacerbating supply chain problems while only temporarily reducing inflation.

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