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<li id="toc-Postwar" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Postwar"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Postwar</span> </div> </a> <ul id="toc-Postwar-sublist" class="vector-toc-list"> <li id="toc-United_Kingdom" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#United_Kingdom"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1.1</span> <span>United Kingdom</span> </div> </a> <ul id="toc-United_Kingdom-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_States" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#United_States"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1.2</span> <span>United States</span> </div> </a> <ul id="toc-United_States-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Venezuela" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Venezuela"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1.3</span> <span>Venezuela</span> </div> </a> <ul id="toc-Venezuela-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-India" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#India"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1.4</span> <span>India</span> </div> </a> <ul id="toc-India-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sri_Lanka" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Sri_Lanka"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1.5</span> <span>Sri Lanka</span> </div> </a> <ul id="toc-Sri_Lanka-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Price_floor" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Price_floor"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Price floor</span> </div> </a> <ul id="toc-Price_floor-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Price_ceiling" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Price_ceiling"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Price ceiling</span> </div> </a> <ul id="toc-Price_ceiling-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Criticism" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Criticism"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Criticism</span> </div> </a> <ul id="toc-Criticism-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Price controls</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 24 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-24" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">24 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D9%84%D8%AA%D8%AD%D9%83%D9%85_%D8%A8%D8%A7%D9%84%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1" title="التحكم بالأسعار – Arabic" lang="ar" hreflang="ar" data-title="التحكم بالأسعار" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Qiym%C9%99t_n%C9%99zar%C9%99ti" title="Qiymət nəzarəti – Azerbaijani" lang="az" hreflang="az" data-title="Qiymət nəzarəti" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Regulace_cen" title="Regulace cen – Czech" lang="cs" hreflang="cs" data-title="Regulace cen" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Preiskontrolle" title="Preiskontrolle – German" lang="de" hreflang="de" data-title="Preiskontrolle" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%88%CE%BB%CE%B5%CE%B3%CF%87%CE%BF%CE%B9_%CF%84%CE%B9%CE%BC%CF%8E%CE%BD" title="Έλεγχοι τιμών – Greek" lang="el" hreflang="el" data-title="Έλεγχοι τιμών" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Control_de_precios" title="Control de precios – Spanish" lang="es" hreflang="es" data-title="Control de precios" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%AA%D8%B9%DB%8C%DB%8C%D9%86_%D8%AF%D8%B3%D8%AA%D9%88%D8%B1%DB%8C_%D9%82%DB%8C%D9%85%D8%AA" title="تعیین دستوری قیمت – Persian" lang="fa" hreflang="fa" data-title="تعیین دستوری قیمت" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Contr%C3%B4le_des_prix" title="Contrôle des prix – French" lang="fr" hreflang="fr" data-title="Contrôle des prix" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EB%AC%BC%EA%B0%80%ED%86%B5%EC%A0%9C" title="물가통제 – Korean" lang="ko" hreflang="ko" data-title="물가통제" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%B3%D5%B6%D5%A5%D6%80%D5%AB_%D5%AF%D5%A1%D5%BC%D5%A1%D5%BE%D5%A1%D6%80%D5%B8%D6%82%D5%B4" title="Գների կառավարում – Armenian" lang="hy" hreflang="hy" data-title="Գների կառավարում" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Pengendalian_harga" title="Pengendalian harga – Indonesian" lang="id" hreflang="id" data-title="Pengendalian harga" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Calmiere" title="Calmiere – Italian" lang="it" hreflang="it" data-title="Calmiere" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A4%D7%99%D7%A7%D7%95%D7%97_%D7%9E%D7%97%D7%99%D7%A8%D7%99%D7%9D" title="פיקוח מחירים – Hebrew" lang="he" hreflang="he" data-title="פיקוח מחירים" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Cenu_kontrole" title="Cenu kontrole – Latvian" lang="lv" hreflang="lv" data-title="Cenu kontrole" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/%C3%81rszab%C3%A1lyoz%C3%A1s" title="Árszabályozás – Hungarian" lang="hu" hreflang="hu" data-title="Árszabályozás" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mn mw-list-item"><a href="https://mn.wikipedia.org/wiki/%D2%AE%D0%BD%D0%B8%D0%B9%D0%BD_%D1%85%D1%8F%D0%BD%D0%B0%D0%BB%D1%82" title="Үнийн хяналт – Mongolian" lang="mn" hreflang="mn" data-title="Үнийн хяналт" data-language-autonym="Монгол" data-language-local-name="Mongolian" class="interlanguage-link-target"><span>Монгол</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Prijscontrole" title="Prijscontrole – Dutch" lang="nl" hreflang="nl" data-title="Prijscontrole" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Congelamento_de_pre%C3%A7os" title="Congelamento de preços – Portuguese" lang="pt" hreflang="pt" data-title="Congelamento de preços" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9A%D0%BE%D0%BD%D1%82%D1%80%D0%BE%D0%BB%D1%8C_%D1%86%D0%B5%D0%BD" title="Контроль цен – Russian" lang="ru" hreflang="ru" data-title="Контроль цен" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Price_controls" title="Price controls – Simple English" lang="en-simple" hreflang="en-simple" data-title="Price controls" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Hintas%C3%A4%C3%A4ntely" title="Hintasääntely – Finnish" lang="fi" hreflang="fi" data-title="Hintasääntely" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Prisreglering" title="Prisreglering – Swedish" lang="sv" hreflang="sv" data-title="Prisreglering" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Mga_kontrol_sa_presyo" title="Mga kontrol sa presyo – Tagalog" lang="tl" hreflang="tl" data-title="Mga kontrol sa presyo" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target"><span>Tagalog</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E4%BB%B7%E6%A0%BC%E7%AE%A1%E5%88%B6" title="价格管制 – Chinese" lang="zh" hreflang="zh" data-title="价格管制" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q3218843#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-nstab-main" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Price_controls" title="View the content page [c]" accesskey="c"><span>Article</span></a></li><li id="ca-talk" class="vector-tab-noicon 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class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Governmental restrictions on prices</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:%22Prices_charged_in_this_store_will_not_exceed_those_indicated_in_the_most_recent_list_of_Fair_Prices_applicable_to_this_-_NARA_-_512556.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d8/%22Prices_charged_in_this_store_will_not_exceed_those_indicated_in_the_most_recent_list_of_Fair_Prices_applicable_to_this_-_NARA_-_512556.jpg/220px-%22Prices_charged_in_this_store_will_not_exceed_those_indicated_in_the_most_recent_list_of_Fair_Prices_applicable_to_this_-_NARA_-_512556.jpg" decoding="async" width="220" height="299" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d8/%22Prices_charged_in_this_store_will_not_exceed_those_indicated_in_the_most_recent_list_of_Fair_Prices_applicable_to_this_-_NARA_-_512556.jpg/330px-%22Prices_charged_in_this_store_will_not_exceed_those_indicated_in_the_most_recent_list_of_Fair_Prices_applicable_to_this_-_NARA_-_512556.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d8/%22Prices_charged_in_this_store_will_not_exceed_those_indicated_in_the_most_recent_list_of_Fair_Prices_applicable_to_this_-_NARA_-_512556.jpg/440px-%22Prices_charged_in_this_store_will_not_exceed_those_indicated_in_the_most_recent_list_of_Fair_Prices_applicable_to_this_-_NARA_-_512556.jpg 2x" data-file-width="2207" data-file-height="3000" /></a><figcaption>World War I poster of the <a href="/wiki/United_States_Food_Administration" title="United States Food Administration">United States Food Administration</a></figcaption></figure> <p><b>Price controls</b> are restrictions set in place and enforced by governments, on the prices that can be charged for goods and services in a market. The intent behind implementing such controls can stem from the desire to maintain affordability of goods even during shortages, and to slow inflation, or, alternatively, to ensure a minimum income for providers of certain goods or to try to achieve a <a href="/wiki/Living_wage" title="Living wage">living wage</a>. There are two primary forms of price control: a <a href="/wiki/Price_ceiling" title="Price ceiling">price ceiling</a>, the maximum price that can be charged; and a <a href="/wiki/Price_floor" title="Price floor">price floor</a>, the minimum price that can be charged. A well-known example of a price ceiling is <a href="/wiki/Rent_regulation" title="Rent regulation">rent control</a>, which limits the increases that a landlord is permitted by government to charge for rent. A widely used price floor is <a href="/wiki/Minimum_wage" title="Minimum wage">minimum wage</a> (wages are the price of labor). Historically, price controls have often been imposed as part of a larger <a href="/wiki/Incomes_policy" title="Incomes policy">incomes policy</a> package also employing <a href="/wiki/Wage" title="Wage">wage</a> controls and other regulatory elements. </p><p>Although price controls are routinely used by governments, Western economists generally agree that consumer price controls do not accomplish what they intend to in <a href="/wiki/Market_economy" title="Market economy">market economies</a>, and many economists instead recommend such controls should be avoided.<sup id="cite_ref-concise_1-0" class="reference"><a href="#cite_note-concise-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> However, since the <a href="/wiki/Credibility_revolution" title="Credibility revolution">credibility revolution</a> started in the 1990s, minimum wages have found strong support among some economists.<sup id="cite_ref-:0_2-0" class="reference"><a href="#cite_note-:0-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:1_3-0" class="reference"><a href="#cite_note-:1-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:2_4-0" class="reference"><a href="#cite_note-:2-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:3_5-0" class="reference"><a href="#cite_note-:3-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_controls&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Maximum_Retail_Price_Sri_Lanka.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/86/Maximum_Retail_Price_Sri_Lanka.jpg/220px-Maximum_Retail_Price_Sri_Lanka.jpg" decoding="async" width="220" height="202" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/86/Maximum_Retail_Price_Sri_Lanka.jpg/330px-Maximum_Retail_Price_Sri_Lanka.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/86/Maximum_Retail_Price_Sri_Lanka.jpg/440px-Maximum_Retail_Price_Sri_Lanka.jpg 2x" data-file-width="2722" data-file-height="2503" /></a><figcaption>The maximum retail price (<a href="/wiki/Maximum_retail_price" title="Maximum retail price">MRP</a>) of this bottle of water in <a href="/wiki/Sri_Lanka" title="Sri Lanka">Sri Lanka</a> is 90 <a href="/wiki/Sri_Lankan_rupee" title="Sri Lankan rupee">Rupees</a></figcaption></figure> <p>The Roman Emperor <a href="/wiki/Diocletian" title="Diocletian">Diocletian</a> tried to <a href="/wiki/Edict_on_Maximum_Prices" title="Edict on Maximum Prices">set maximum prices</a> for all commodities in the late 3rd century AD but with little success. In the early 14th century, the <a href="/wiki/Delhi_Sultanate" title="Delhi Sultanate">Delhi Sultanate</a> ruler <a href="/wiki/Alauddin_Khalji" title="Alauddin Khalji">Alauddin Khalji</a> instituted <a href="/wiki/Market_reforms_of_Alauddin_Khalji" title="Market reforms of Alauddin Khalji">several market reforms</a>, which included price-fixing for a wide range of goods, including grains, cloth, slaves and animals. However, a few months after his death, these measures were revoked by his son <a href="/wiki/Qutb_ud_din_Mubarak_Shah" class="mw-redirect" title="Qutb ud din Mubarak Shah">Qutbuddin Mubarak Shah</a>.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> During the <a href="/wiki/French_Revolution" title="French Revolution">French Revolution</a>, <a href="/wiki/General_maximum" class="mw-redirect" title="General maximum">the Law of the Maximum</a> set price limits on the sale of food and other staples. </p><p>Within Spain in the 16th and 17th centuries, after the <a href="/wiki/Price_revolution" title="Price revolution">price revolution</a>, a permanent regulation on the price of wheat (called <i>tasa del trigo</i>) was established. This intervention was discussed by theologians and jurists of this time.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>Governments in <a href="/wiki/Planned_economy" title="Planned economy">planned economies</a> typically control prices on most or all goods but have not sustained high economic performance and have been almost entirely replaced by <a href="/wiki/Mixed_economies" class="mw-redirect" title="Mixed economies">mixed economies</a>. Price controls have also been used in modern times in less-planned economies, such as <a href="/wiki/Rent_control" class="mw-redirect" title="Rent control">rent control</a>.<sup id="cite_ref-concise_1-1" class="reference"><a href="#cite_note-concise-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> During <a href="/wiki/World_War_I" title="World War I">World War I</a>, the <a href="/wiki/United_States_Food_Administration" title="United States Food Administration">United States Food Administration</a> enforced price controls on food.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Price controls were also imposed in the US and Nazi Germany during World War II.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Postwar">Postwar</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_controls&action=edit&section=2" title="Edit section: Postwar"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Incomes_policy" title="Incomes policy">Wage controls</a> have been tried in many countries to reduce <a href="/wiki/Inflation" title="Inflation">inflation</a>, seldom with success. Since inflation can be caused by both <a href="/wiki/Aggregate_supply" title="Aggregate supply">aggregate supply</a> or <a href="/wiki/Aggregate_demand" title="Aggregate demand">demand</a>, wage controls can fail as a result of <a href="/wiki/Supply_shock" title="Supply shock">supply shocks</a> or excessive <a href="/wiki/Stimulus_(economics)" title="Stimulus (economics)">stimulus</a> during times of high <a href="/wiki/Government_debt" title="Government debt">sovereign debt</a> (increases to the Monetary Aggregate System M2). </p> <div class="mw-heading mw-heading4"><h4 id="United_Kingdom">United Kingdom</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_controls&action=edit&section=3" title="Edit section: United Kingdom"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/National_Board_for_Prices_and_Incomes" title="National Board for Prices and Incomes">National Board for Prices and Incomes</a> was created by the government of <a href="/wiki/Harold_Wilson" title="Harold Wilson">Harold Wilson</a> in 1965 in an attempt to solve the problem of inflation in the British economy by managing wages and prices. The <a href="/wiki/Prices_and_Incomes_Act_1966" title="Prices and Incomes Act 1966">Prices and Incomes Act 1966</a> c. 33 affected UK labour law, regarding wage levels and price policies. It allowed the government to begin a process to scrutinise rising levels of wages (then around 8% per year) by initiating reports and inquiries and ultimately giving orders for a standstill. The objective was to control inflation. It proved unpopular after the 1960s. </p> <div class="mw-heading mw-heading4"><h4 id="United_States">United States</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_controls&action=edit&section=4" title="Edit section: United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the United States, price controls have been enacted several times. The first time price controls were enacted nationally was in 1906 as a part of the <a href="/wiki/Hepburn_Act" title="Hepburn Act">Hepburn Act</a>.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="This citation requires a reference to the specific page or range of pages in which the material appears. (September 2023)">page needed</span></a></i>]</sup> In World War I the <a href="/wiki/War_Industries_Board" title="War Industries Board">War Industries Board</a> was established to set priorities, fix prices, and standardize products to support the war efforts of the United States. During the 1930s, the <a href="/wiki/National_Industrial_Recovery_Act" class="mw-redirect" title="National Industrial Recovery Act">National Industrial Recovery Act</a> (NIRA) created the <a href="/wiki/National_Recovery_Administration" title="National Recovery Administration">National Recovery Administration</a>, that set prices and created codes of "fair practices". In May 1935, the Supreme Court held that the mandatory codes section of NIRA were unconstitutional, in the court case of <i><a href="/wiki/Schechter_Poultry_Corp._v._United_States" class="mw-redirect" title="Schechter Poultry Corp. v. United States">Schechter Poultry Corp. v. United States</a></i>. </p><p>In 1971, President <a href="/wiki/Richard_Nixon" title="Richard Nixon">Richard Nixon</a> issued Executive Order 11615 (pursuant to the <a href="/wiki/Economic_Stabilization_Act_of_1970" title="Economic Stabilization Act of 1970">Economic Stabilization Act of 1970</a>), imposing a <a href="/wiki/Nixon_shock" title="Nixon shock">90-day freeze on wages and prices</a>. The constitutionality of this action was challenged and upheld in the case of Amalgamated Meat Cutters v. <a href="/wiki/John_Connally" title="John Connally">Connally</a>.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>The individual states have sometimes chosen to implement their own control policies. In the 1860s, several midwestern states of the United States, namely Minnesota, Iowa, Wisconsin, and Illinois, enacted a series of laws called the <a href="/wiki/Granger_Laws" title="Granger Laws">Granger Laws</a>, primarily to regulate rising fare prices of railroad and grain elevator companies. </p><p> The state of <a href="/wiki/Hawaii" title="Hawaii">Hawaii</a> briefly introduced a cap on the wholesale price of <a href="/wiki/Gasoline" title="Gasoline">gasoline</a> (the <a href="/wiki/Gas_Cap_Law" title="Gas Cap Law">Gas Cap Law</a>) in an effort to fight "<a href="/wiki/Price_gouging" title="Price gouging">price gouging</a>" in that state in 2005. Because it was widely seen as too soft and ineffective, it was repealed shortly thereafter.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (May 2024)">citation needed</span></a></i>]</sup></p><figure typeof="mw:File/Thumb"><a href="/wiki/File:Domestic_Price_Control_-_NARA_-_195924.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a9/Domestic_Price_Control_-_NARA_-_195924.jpg/200px-Domestic_Price_Control_-_NARA_-_195924.jpg" decoding="async" width="200" height="247" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a9/Domestic_Price_Control_-_NARA_-_195924.jpg/300px-Domestic_Price_Control_-_NARA_-_195924.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a9/Domestic_Price_Control_-_NARA_-_195924.jpg/400px-Domestic_Price_Control_-_NARA_-_195924.jpg 2x" data-file-width="2429" data-file-height="3000" /></a><figcaption>A World War II-era shop display promoting price controls.</figcaption></figure> <div class="mw-heading mw-heading4"><h4 id="Venezuela">Venezuela</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_controls&action=edit&section=5" title="Edit section: Venezuela"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to Girish Gupta from <i><a href="/wiki/The_Guardian" title="The Guardian">The Guardian</a></i>, price controls have created a <a href="/wiki/Shortages_in_Venezuela" title="Shortages in Venezuela">scarcity of basic goods</a> and made <a href="/wiki/Black_market" title="Black market">black markets</a> flourish under President Maduro.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="India">India</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_controls&action=edit&section=6" title="Edit section: India"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In India, the government first enacted price controls in 2013 for the Drug Price Control Order (DPCO). This order gave the local regulatory body and the Pharmaceutical Pricing Authority the power to set ceiling prices on the National List of Essential medicines.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Sri_Lanka">Sri Lanka</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_controls&action=edit&section=7" title="Edit section: Sri Lanka"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In Sri Lanka, the Consumer Affairs Authority has the power to set the Maximum Retail Price (MRP) for goods specified by the government as essential commodities.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> In 2021 the Sri Lankan government enacted price controls on several essential items resulting in shortages.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Price_floor">Price floor</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_controls&action=edit&section=8" title="Edit section: Price floor"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Price_floor" title="Price floor">Price floor</a></div> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Fight_for_$15_on_4-15_(17161520871).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Fight_for_%2415_on_4-15_%2817161520871%29.jpg/200px-Fight_for_%2415_on_4-15_%2817161520871%29.jpg" decoding="async" width="200" height="133" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Fight_for_%2415_on_4-15_%2817161520871%29.jpg/300px-Fight_for_%2415_on_4-15_%2817161520871%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Fight_for_%2415_on_4-15_%2817161520871%29.jpg/400px-Fight_for_%2415_on_4-15_%2817161520871%29.jpg 2x" data-file-width="5458" data-file-height="3634" /></a><figcaption>Protesters call for an increased legal <a href="/wiki/Minimum_wage" title="Minimum wage">minimum wage</a> as part of the "<a href="/wiki/Fight_for_$15" title="Fight for $15">Fight for $15</a>" effort to require a $15 per hour minimum wage in 2015. A government-set minimum wage is a price floor on the price of labour.</figcaption></figure> <p>A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product,<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> good, commodity, or service. A price floor must be higher than the <a href="/wiki/Equilibrium_price" class="mw-redirect" title="Equilibrium price">equilibrium price</a> in order to be effective. The equilibrium price, commonly called the "market price", is the price where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change, often described as the point at which quantity demanded and quantity supplied are equal (in a perfectly competitive market). Governments use price floors to keep certain prices from going too low. </p><p> Two common price floors are <a href="/wiki/Minimum_wage_law" title="Minimum wage law">minimum wage laws</a> and <a href="/wiki/Supply_management_(Canada)" class="mw-redirect" title="Supply management (Canada)">supply management</a> in Canadian agriculture. Other price floors include regulated US airfares prior to 1978 and minimum price per-drink laws for alcohol.</p><figure typeof="mw:File/Thumb"><a href="/wiki/File:%22Cost_of_Living_1918-1944%22_-_NARA_-_514088.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/3c/%22Cost_of_Living_1918-1944%22_-_NARA_-_514088.jpg/250px-%22Cost_of_Living_1918-1944%22_-_NARA_-_514088.jpg" decoding="async" width="250" height="340" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/3c/%22Cost_of_Living_1918-1944%22_-_NARA_-_514088.jpg/375px-%22Cost_of_Living_1918-1944%22_-_NARA_-_514088.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3c/%22Cost_of_Living_1918-1944%22_-_NARA_-_514088.jpg/500px-%22Cost_of_Living_1918-1944%22_-_NARA_-_514088.jpg 2x" data-file-width="2205" data-file-height="3000" /></a><figcaption>World War II poster about US price controls</figcaption></figure><p>Since the <a href="/wiki/Credibility_revolution" title="Credibility revolution">credibility revolution</a> starting in the 1990s, minimum wages have often found strong support among economists.<sup id="cite_ref-:0_2-1" class="reference"><a href="#cite_note-:0-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:1_3-1" class="reference"><a href="#cite_note-:1-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:2_4-1" class="reference"><a href="#cite_note-:2-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:3_5-1" class="reference"><a href="#cite_note-:3-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>Advantages of a price floor are: </p> <ul><li>May motivate producers to produce more.</li> <li>May prevent the fluctuation of prices of agricultural products.</li> <li>May reduce the over-exploitation of producers.</li> <li>May reduce poverty and increase productivity among employees (in minimum wages)</li></ul> <p>Disadvantages of a price floor are: </p> <ul><li>Supply may exceed demand.</li> <li>Resources may be wasted.</li> <li>The government may be forced to buy the excess supply or it may be discarded (e.g., in an agricultural context).</li></ul> <div class="mw-heading mw-heading2"><h2 id="Price_ceiling">Price ceiling</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_controls&action=edit&section=9" title="Edit section: Price ceiling"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Price_ceiling" title="Price ceiling">Price ceiling</a></div> <p>A related government intervention to price floor, which is also a price control, is the <a href="/wiki/Price_ceiling" title="Price ceiling">price ceiling</a>; it sets the maximum price that can legally be charged for a good or service, with a common example being <a href="/wiki/Rent_control" class="mw-redirect" title="Rent control">rent control</a>. </p><p>A price ceiling is a price control, or limit, on how high a price is charged for a product, commodity, or service. Governments use price ceilings to protect consumers from conditions that could make commodities prohibitively expensive. Such conditions can occur during periods of high inflation, in the event of an investment bubble, or in the event of <a href="/wiki/Monopoly" title="Monopoly">monopoly</a> ownership of a product, all of which can cause problems if imposed for a long period without controlled rationing, leading to <a href="/wiki/Shortage" title="Shortage">shortages</a>.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> Further problems can occur if a government sets unrealistic price ceilings, causing business failures, stock crashes, or even economic crises. In fully unregulated <a href="/wiki/Market_economy" title="Market economy">market economies</a>, price ceilings do not exist. </p><p>While price ceilings are often imposed by governments, there are also price ceilings that are implemented by non-governmental organizations such as companies, such as the practice of <a href="/wiki/Resale_price_maintenance" title="Resale price maintenance">resale price maintenance</a>. With resale price maintenance, a <a href="/wiki/Manufacturer" class="mw-redirect" title="Manufacturer">manufacturer</a> and its <a href="/wiki/Distributor" title="Distributor">distributors</a> agree that the distributors will sell the manufacturer's product at certain prices (resale price maintenance), at or below a price ceiling (maximum resale price maintenance) or at or above a <a href="/wiki/Price_floor" title="Price floor">price floor</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Criticism">Criticism</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_controls&action=edit&section=10" title="Edit section: Criticism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The primary criticism leveled against the price ceiling type of price controls is that by keeping prices artificially low, demand is increased to the point where supply cannot keep up, leading to shortages in the price-controlled product.<sup id="cite_ref-Wessels_23-0" class="reference"><a href="#cite_note-Wessels-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> For example, <a href="/wiki/Lactantius" title="Lactantius">Lactantius</a> wrote that <a href="/wiki/Diocletian" title="Diocletian">Diocletian</a> "by various taxes, he had made all things exceedingly expensive, attempted by a law to limit their prices. Then much blood [of merchants] was shed for trifles, men were afraid to offer anything for sale, and the scarcity became more excessive and grievous than ever. Until, in the end, the [price limit] law, after having proved destructive to many people, was from mere necessity abolished."<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p><p>As with Diocletian's <a href="/wiki/Edict_on_Maximum_Prices" title="Edict on Maximum Prices">Edict on Maximum Prices</a>, shortages lead to <a href="/wiki/Black_market" title="Black market">black markets</a> where prices for the same good exceed those of an uncontrolled market.<sup id="cite_ref-Wessels_23-1" class="reference"><a href="#cite_note-Wessels-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> Furthermore, once controls are removed, prices will immediately increase, which can temporarily shock the economic system.<sup id="cite_ref-Wessels_23-2" class="reference"><a href="#cite_note-Wessels-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> Black markets flourish in most countries during <a href="/wiki/War" title="War">wartime</a>. States that are engaged in <a href="/wiki/Total_war" title="Total war">total war</a> or other large-scale, extended <a href="/wiki/War" title="War">wars</a> often impose restrictions on home use of critical resources that are needed for the war effort, such as <a href="/wiki/Food" title="Food">food</a>, <a href="/wiki/Gasoline" title="Gasoline">gasoline</a>, <a href="/wiki/Rubber" class="mw-redirect" title="Rubber">rubber</a>, <a href="/wiki/Metal" title="Metal">metal</a>, etc., typically through <a href="/wiki/Rationing" title="Rationing">rationing</a>. In most cases, a black market develops to supply rationed goods at exorbitant prices. The <a href="/wiki/Rationing" title="Rationing">rationing</a> and price controls enforced in many countries during <a href="/wiki/World_War_II" title="World War II">World War II</a> encouraged widespread black market activity.<sup id="cite_ref-TheHomeFront_25-0" class="reference"><a href="#cite_note-TheHomeFront-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> One source of black-market meat under wartime rationing was by farmers declaring fewer domestic animal births to the <a href="/wiki/Minister_of_Food_(United_Kingdom)" class="mw-redirect" title="Minister of Food (United Kingdom)">Ministry of Food</a> than actually happened. Another in Britain was supplies from the US, intended only for use in US army bases on British land, but leaked into the local native British black market. </p><p>A classic example of how price controls cause shortages was during the <a href="/wiki/1973_world_oil_market_chronology" class="mw-redirect" title="1973 world oil market chronology">Arab oil embargo</a> between October 19, 1973, and March 17, 1974. Long lines of cars and trucks quickly appeared at retail gas stations in the U.S. and some stations closed because of a shortage of fuel at the low price set by the <a href="/wiki/U.S._Cost_of_Living_Council" class="mw-redirect" title="U.S. Cost of Living Council">U.S. Cost of Living Council</a>. The fixed price was below what the market would otherwise bear and, as a result, the inventory disappeared. It made no difference whether prices were voluntarily or involuntarily posted below the market clearing price. Scarcity resulted in either case. Price controls fail to achieve their proximate aim, which is to reduce prices paid by retail consumers, but such controls do manage to reduce supply.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Nobel_Prize_in_Economics" class="mw-redirect" title="Nobel Prize in Economics">Nobel Memorial Prize</a> winner <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a> said, "We economists don't know much, but we do know how to create a shortage. If you want to create a shortage of tomatoes, for example, just pass a law that retailers can't sell tomatoes for more than two cents per pound. Instantly you'll have a tomato shortage. It's the same with oil or gas."<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>U.S. President <a href="/wiki/Richard_Nixon" title="Richard Nixon">Richard Nixon</a>'s <a href="/wiki/Secretary_of_the_Treasury" class="mw-redirect" title="Secretary of the Treasury">Secretary of the Treasury</a>, <a href="/wiki/George_Shultz" title="George Shultz">George Shultz</a>, enacting Nixon's "New Economic Policy", lifted price controls that had begun in 1971 (part of the <a href="/wiki/Nixon_Shock" class="mw-redirect" title="Nixon Shock">Nixon Shock</a>). This lifting of price controls resulted in a rapid increase in prices. Price freezes were re-established five months later.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Stagflation" title="Stagflation">Stagflation</a> was eventually ended in the United States when the Federal Reserve under chairman <a href="/wiki/Paul_Volcker" title="Paul Volcker">Paul Volcker</a> raised interest rates to unusually high levels. This successfully ended high inflation but caused a recession that ended in the early 1980s. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_controls&action=edit&section=11" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/2021%E2%80%932022_global_energy_crisis" class="mw-redirect" title="2021–2022 global energy crisis">2021–2022 global energy crisis</a></li> <li><a href="/wiki/Administered_prices" title="Administered prices">Administered prices</a></li> <li><a href="/wiki/Capital_control" title="Capital control">Capital control</a></li> <li><a href="/wiki/Council_on_Wage_and_Price_Stability" class="mw-redirect" title="Council on Wage and Price Stability">Council on Wage and Price Stability</a></li> <li><a href="/wiki/Maximum_retail_price" title="Maximum retail price">Maximum Retail Price</a></li> <li><a href="/wiki/Monopsony" title="Monopsony">Monopsony</a></li> <li><a href="/wiki/Price_ceiling" title="Price ceiling">Price Ceiling</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_controls&action=edit&section=12" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-concise-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-concise_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-concise_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFRockoff2008" class="citation encyclopaedia cs1">Rockoff, Hugh (2008). <a rel="nofollow" class="external text" href="http://www.econlib.org/library/Enc/PriceControls.html">"Price Controls"</a>. In <a href="/wiki/David_R._Henderson" title="David R. Henderson">David R. Henderson</a> (ed.). <i><a href="/wiki/The_Concise_Encyclopedia_of_Economics" class="mw-redirect" title="The Concise Encyclopedia of Economics">The Concise Encyclopedia of Economics</a></i> (2nd ed.). 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Retrieved <span class="nowrap">2022-02-17</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Al+Jazeera&rft.atitle=Sri+Lanka+allows+sharp+rise+in+food+prices+to+ease+shortages&rft_id=https%3A%2F%2Fwww.aljazeera.com%2Fnews%2F2021%2F10%2F8%2Fsri-lanka-allows-sharp-rise-in-food-prices-to-ease-shortages&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrice+controls" class="Z3988"></span></span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://dictionary.reference.com/browse/Price%20floor">"Price floor – Definitions from Dictionary.com"</a>. dictionary.reference.com<span class="reference-accessdate">. Retrieved <span class="nowrap">2008-05-02</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Price+floor+%E2%80%93+Definitions+from+Dictionary.com&rft.pub=dictionary.reference.com&rft_id=http%3A%2F%2Fdictionary.reference.com%2Fbrowse%2FPrice%2520floor&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrice+controls" class="Z3988"></span></span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGregory2016" class="citation book cs1">Gregory, Mankiw, N. (2016-12-05). <i>Principles of macroeconomics</i> (Eighth ed.). Australia. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1305971509" title="Special:BookSources/978-1305971509"><bdi>978-1305971509</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/953710348">953710348</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Principles+of+macroeconomics&rft.place=Australia&rft.edition=Eighth&rft.date=2016-12-05&rft_id=info%3Aoclcnum%2F953710348&rft.isbn=978-1305971509&rft.aulast=Gregory&rft.aufirst=Mankiw%2C+N.&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrice+controls" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: location missing publisher (<a href="/wiki/Category:CS1_maint:_location_missing_publisher" title="Category:CS1 maint: location missing publisher">link</a>) CS1 maint: multiple names: authors list (<a href="/wiki/Category:CS1_maint:_multiple_names:_authors_list" title="Category:CS1 maint: multiple names: authors list">link</a>)</span></span> </li> <li id="cite_note-Wessels-23"><span class="mw-cite-backlink">^ <a href="#cite_ref-Wessels_23-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Wessels_23-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Wessels_23-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text">Walter J. Wessels, <i>Economics</i> (2000), pp. 232–33.</span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLactantius" class="citation book cs1"><a href="/wiki/Lactantius" title="Lactantius">Lactantius</a>. <a rel="nofollow" class="external text" href="http://www.ccel.org/ccel/schaff/anf07.iii.v.vii.html">"CHAP. VII."</a>. <i>On the Deaths of the Persecutors</i> (Christian Classics Ethereal Library ed.). Calvin College.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=CHAP.+VII.&rft.btitle=On+the+Deaths+of+the+Persecutors&rft.edition=Christian+Classics+Ethereal+Library&rft.pub=Calvin+College&rft.au=Lactantius&rft_id=http%3A%2F%2Fwww.ccel.org%2Fccel%2Fschaff%2Fanf07.iii.v.vii.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrice+controls" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: </span><span class="cs1-visible-error citation-comment"><code class="cs1-code">|work=</code> ignored (<a href="/wiki/Help:CS1_errors#periodical_ignored" title="Help:CS1 errors">help</a>)</span></span> </li> <li id="cite_note-TheHomeFront-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-TheHomeFront_25-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><i>The Home Front</i> (facsimile ed.). London: Imperial War Museum. July 1945. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1904897118" title="Special:BookSources/978-1904897118"><bdi>978-1904897118</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Home+Front&rft.place=London&rft.edition=facsimile&rft.pub=Imperial+War+Museum&rft.date=1945-07&rft.isbn=978-1904897118&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrice+controls" class="Z3988"></span></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text">Taylor and Van Doren, pp. 26–28</span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text">Thomas Sowell, <i>Applied Economics: Thinking Beyond Stage One</i> (2008), pp. 7–9, 112–113, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0465003451" title="Special:BookSources/0465003451">0465003451</a></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text">"Controls blamed for U.S. energy woes", <i>Los Angeles Times</i>, February 13, 1977, Milton Friedman press conference in Los Angeles.</span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.treasury.gov/about/history/Pages/gpschultz.aspx">"George P. Shultz (1972–1974)"</a>. Treasury.gov. 2010-11-20<span class="reference-accessdate">. Retrieved <span class="nowrap">2013-09-27</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=George+P.+Shultz+%281972%E2%80%931974%29&rft.pub=Treasury.gov&rft.date=2010-11-20&rft_id=http%3A%2F%2Fwww.treasury.gov%2Fabout%2Fhistory%2FPages%2Fgpschultz.aspx&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrice+controls" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_controls&action=edit&section=13" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBoudreaux2008" class="citation encyclopaedia cs1"><a href="/wiki/Donald_Boudreaux" class="mw-redirect" title="Donald Boudreaux">Boudreaux, Donald</a> (2008). <a rel="nofollow" class="external text" href="https://sk.sagepub.com/reference/libertarianism/n241.xml">"Price Controls"</a>. In <a href="/wiki/Ronald_Hamowy" title="Ronald Hamowy">Hamowy, Ronald</a> (ed.). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=yxNgXs3TkJYC"><i>The Encyclopedia of Libertarianism</i></a>. Thousand Oaks, CA: <a href="/wiki/SAGE_Publishing" class="mw-redirect" title="SAGE Publishing">Sage</a>; <a href="/wiki/Cato_Institute" title="Cato Institute">Cato Institute</a>. pp. 389–390. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.4135%2F9781412965811.n241">10.4135/9781412965811.n241</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1412965804" title="Special:BookSources/978-1412965804"><bdi>978-1412965804</bdi></a>. <a href="/wiki/LCCN_(identifier)" class="mw-redirect" title="LCCN (identifier)">LCCN</a> <a rel="nofollow" class="external text" href="https://lccn.loc.gov/2008009151">2008009151</a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/750831024">750831024</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Price+Controls&rft.btitle=The+Encyclopedia+of+Libertarianism&rft.place=Thousand+Oaks%2C+CA&rft.pages=389-390&rft.pub=Sage%3B+Cato+Institute&rft.date=2008&rft_id=info%3Aoclcnum%2F750831024&rft_id=info%3Alccn%2F2008009151&rft_id=info%3Adoi%2F10.4135%2F9781412965811.n241&rft.isbn=978-1412965804&rft.aulast=Boudreaux&rft.aufirst=Donald&rft_id=https%3A%2F%2Fsk.sagepub.com%2Freference%2Flibertarianism%2Fn241.xml&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrice+controls" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_controls&action=edit&section=14" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><style data-mw-deduplicate="TemplateStyles:r1237033735">@media print{body.ns-0 .mw-parser-output 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srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/51px-Wikiquote-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/68px-Wikiquote-logo.svg.png 2x" data-file-width="300" data-file-height="355" /></span></span></div> <div class="side-box-text plainlist">Wikiquote has quotations related to <i><b><a href="https://en.wikiquote.org/wiki/Special:Search/Price_controls" class="extiw" title="q:Special:Search/Price controls">Price controls</a></b></i>.</div></div> </div> <ul><li>"<a rel="nofollow" class="external text" href="http://www.franciscovergara.com/PriceControls.doc">The Theory of Price Controls</a>" by Stephanie Laguerodie et Francisco Vergara (de Review of Political Economy, October 2008)</li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist 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href="/wiki/Template:Microeconomics" title="Template:Microeconomics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Microeconomics" title="Template talk:Microeconomics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Microeconomics" title="Special:EditPage/Template:Microeconomics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Microeconomics" style="font-size:114%;margin:0 4em"><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Major topics</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aggregation_problem" title="Aggregation problem">Aggregation</a></li> <li><a href="/wiki/Budget_set" title="Budget set">Budget set</a></li> <li><a href="/wiki/Consumer_choice" title="Consumer choice">Consumer choice</a></li> <li><a href="/wiki/Convexity_in_economics" title="Convexity in economics">Convexity</a> and <a href="/wiki/Non-convexity_(economics)" title="Non-convexity (economics)">non-convexity</a></li> <li><a href="/wiki/Economic_cost" title="Economic cost">Cost</a> <ul><li><a href="/wiki/Average_cost" title="Average cost">Average</a></li> <li><a href="/wiki/Marginal_cost" title="Marginal cost">Marginal</a></li> <li><a href="/wiki/Opportunity_cost" title="Opportunity cost">Opportunity</a> <ul><li><a href="/wiki/Implicit_cost" title="Implicit cost">Implicit</a></li></ul></li> <li><a href="/wiki/Social_cost" title="Social cost">Social</a></li> <li><a href="/wiki/Sunk_cost" title="Sunk cost">Sunk</a></li> <li><a href="/wiki/Transaction_cost" title="Transaction cost">Transaction</a></li></ul></li> <li><a href="/wiki/Cost%E2%80%93benefit_analysis" title="Cost–benefit analysis">Cost–benefit analysis</a></li> <li><a href="/wiki/Deadweight_loss" title="Deadweight loss">Deadweight loss</a></li> <li><a href="/wiki/Distribution_(economics)" title="Distribution (economics)">Distribution</a></li> <li><a href="/wiki/Economies_of_scale" title="Economies of scale">Economies of scale</a></li> <li><a href="/wiki/Economies_of_scope" title="Economies of scope">Economies of scope</a></li> <li><a href="/wiki/Elasticity_(economics)" title="Elasticity (economics)">Elasticity</a> <ul><li><a href="/wiki/Cross_elasticity_of_demand" title="Cross elasticity of demand">Cross elasticity of demand</a></li> <li><a href="/wiki/Income_elasticity_of_demand" title="Income elasticity of demand">Income elasticity of demand</a></li> <li><a href="/wiki/Price_elasticity_of_demand" title="Price elasticity of demand">Price elasticity of demand</a></li> <li><a href="/wiki/Price_elasticity_of_supply" title="Price elasticity of supply">Price elasticity of supply</a></li></ul></li> <li><a href="/wiki/Economic_equilibrium" title="Economic equilibrium">Equilibrium</a> <ul><li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General</a></li></ul></li> <li><a href="/wiki/Trade" title="Trade">Exchange</a></li> <li><a href="/wiki/Externality" title="Externality">Externality</a></li> <li><a href="/wiki/Theory_of_the_firm" title="Theory of the firm">Firms</a></li> <li><a href="/wiki/Goods_and_services" title="Goods and services">Goods and services</a> <ul><li><a href="/wiki/Goods" title="Goods">Goods</a></li> <li><a href="/wiki/Service_(economics)" title="Service (economics)">Service</a></li></ul></li> <li><a href="/wiki/Family_economics" title="Family economics">Household</a></li> <li><a href="/wiki/Income%E2%80%93consumption_curve" title="Income–consumption curve">Income–consumption curve</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Indifference_curve" title="Indifference curve">Indifference curve</a></li> <li><a href="/wiki/Intertemporal_choice" title="Intertemporal choice">Intertemporal choice</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/Market_failure" title="Market failure">Market failure</a></li> <li><a href="/wiki/Market_structure" title="Market structure">Market structure</a> <ul><li><a href="/wiki/Competition_(economics)" title="Competition (economics)">Competition</a> <ul><li><a href="/wiki/Monopolistic_competition" title="Monopolistic competition">Monopolistic</a></li> <li><a href="/wiki/Perfect_competition" title="Perfect competition">Perfect</a></li></ul></li> <li><a href="/wiki/Duopoly" title="Duopoly">Duopoly</a></li> <li><a href="/wiki/Monopoly" title="Monopoly">Monopoly</a> <ul><li><a href="/wiki/Bilateral_monopoly" title="Bilateral monopoly">Bilateral</a></li> <li><a href="/wiki/Complementary_monopoly" title="Complementary monopoly">Complementary</a></li></ul></li> <li><a href="/wiki/Monopsony" title="Monopsony">Monopsony</a></li> <li><a href="/wiki/Oligopoly" title="Oligopoly">Oligopoly</a></li> <li><a href="/wiki/Oligopsony" title="Oligopsony">Oligopsony</a></li></ul></li> <li><a href="/wiki/Pareto_efficiency" title="Pareto efficiency">Pareto efficiency</a></li> <li><a href="/wiki/Preference_(economics)" title="Preference (economics)">Preferences</a></li> <li><a href="/wiki/Price" title="Price">Price</a> <ul><li><a class="mw-selflink selflink">Price controls</a></li> <li><a href="/wiki/Price_ceiling" title="Price ceiling">Price ceiling</a></li> <li><a href="/wiki/Price_floor" title="Price floor">Price floor</a></li> <li><a href="/wiki/Price_discrimination" title="Price discrimination">Price discrimination</a></li> <li><a href="/wiki/Price_signal" title="Price signal">Price signal</a></li> <li><a href="/wiki/Price_system" title="Price system">Price system</a>/<a href="/wiki/Free_price_system" title="Free price system">Free</a></li> <li><a href="/wiki/Pricing" title="Pricing">Pricing</a></li></ul></li> <li><a href="/wiki/Production_set" title="Production set">Production</a></li> <li><a href="/wiki/Profit_(economics)" title="Profit (economics)">Profit</a></li> <li><a href="/wiki/Public_good_(economics)" title="Public good (economics)">Public goods</a></li> <li><a href="/wiki/Rationing" title="Rationing">Rationing</a></li> <li><a href="/wiki/Economic_rent" title="Economic rent">Rent</a></li> <li><a href="/wiki/Returns_to_scale" title="Returns to scale">Returns to scale</a></li> <li><a href="/wiki/Risk_aversion" title="Risk aversion">Risk aversion</a></li> <li><a href="/wiki/Scarcity" title="Scarcity">Scarcity</a></li> <li><a href="/wiki/Shortage" title="Shortage">Shortage</a>/<a href="/wiki/Excess_supply" title="Excess supply">Excess supply</a></li> <li><a href="/wiki/Substitution_effect" title="Substitution effect">Substitution effect</a></li> <li><a href="/wiki/Economic_surplus" title="Economic surplus">Surplus</a></li> <li><a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice</a></li> <li><a href="/wiki/Supply_and_demand" title="Supply and demand">Supply and demand</a> <ul><li><a href="/wiki/Demand" title="Demand">Demand</a>/<a href="/wiki/Law_of_demand" title="Law of demand">Law of demand</a></li> <li><a href="/wiki/Supply_(economics)" title="Supply (economics)">Supply</a>/<a href="/wiki/Law_of_supply" title="Law of supply">Law of supply</a></li></ul></li> <li><a href="/wiki/Uncertainty" title="Uncertainty">Uncertainty</a></li> <li><a href="/wiki/Utility" title="Utility">Utility</a> <ul><li><a href="/wiki/Expected_utility_hypothesis" title="Expected utility hypothesis">Expected</a></li> <li><a href="/wiki/Marginal_utility" title="Marginal utility">Marginal</a></li></ul></li> <li><a href="/wiki/Wage" title="Wage">Wage</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Subfields</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Statistical_decision_theory" class="mw-redirect" title="Statistical decision theory">Statistical decision theory</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering economics</a></li> <li><a href="/wiki/Engineering_economics_(civil_engineering)" title="Engineering economics (civil engineering)">Civil engineering economics</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Green_economy" title="Green economy">Green</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labor</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations of macroeconomics</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Mathematical_optimization" title="Mathematical optimization">Optimization</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">See also</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Microeconomics" title="Category:Microeconomics">Category</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Population" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Population" title="Template:Population"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Population" title="Template talk:Population"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Population" title="Special:EditPage/Template:Population"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Population" style="font-size:114%;margin:0 4em"><a href="/wiki/Population" title="Population">Population</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Major topics</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Demographics_of_the_world" title="Demographics of the world">Demographics of the world</a></li> <li><a href="/wiki/Demographic_transition" title="Demographic transition">Demographic transition</a></li> <li><a href="/wiki/Estimates_of_historical_world_population" title="Estimates of historical world population">Estimates of historical world population</a></li> <li><a href="/wiki/Population_growth" title="Population growth">Population growth</a></li> <li><a href="/wiki/Population_momentum" title="Population momentum">Population momentum</a></li> <li><a href="/wiki/Projections_of_population_growth" class="mw-redirect" title="Projections of population growth">Projections of population growth</a></li> <li><a href="/wiki/World_population" title="World population">World population</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Population_biology" title="Population biology">Population<br />biology</a></div></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Population_decline" title="Population decline">Population decline</a></li> <li><a href="/wiki/Population_density" title="Population density">Population density</a> <ul><li><a href="/wiki/Physiological_density" title="Physiological density">Physiological density</a></li></ul></li> <li><a href="/wiki/Population_dynamics" title="Population dynamics">Population dynamics</a></li> <li><a href="/wiki/Population_model" title="Population model">Population model</a></li> <li><a href="/wiki/Population_pyramid" title="Population pyramid">Population pyramid</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Population_ecology" title="Population ecology">Population<br />ecology</a></div></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Biocapacity" title="Biocapacity">Biocapacity</a></li> <li><a href="/wiki/Carrying_capacity" title="Carrying capacity">Carrying capacity</a></li> <li><span class="nowrap"><a href="/wiki/I_%3D_PAT" title="I = PAT">I = P × A × T</a></span></li> <li><a href="/wiki/Kaya_identity" title="Kaya identity">Kaya identity</a></li> <li><a href="/wiki/Malthusian_growth_model" title="Malthusian growth model">Malthusian growth model</a></li> <li><a href="/wiki/Overshoot_(population)" title="Overshoot (population)">Overshoot (population)</a></li> <li><a href="/wiki/World3" title="World3">World3 model</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Society and<br /> population</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Eugenics" title="Eugenics">Eugenics</a></li> <li><a href="/wiki/Dysgenics" title="Dysgenics"><i>Dys</i>genics</a></li> <li><a href="/wiki/Human_overpopulation" title="Human overpopulation">Human overpopulation</a> <ul><li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusian catastrophe</a></li></ul></li> <li><a href="/wiki/Human_population_planning" title="Human population planning">Human population planning</a> <ul><li><a href="/wiki/Compulsory_sterilization" title="Compulsory sterilization">Compulsory sterilization</a></li> <li><a href="/wiki/Family_planning" title="Family planning">Family planning</a></li> <li><a href="/wiki/One-child_policy" title="One-child policy">One-child policy</a></li> <li><a href="/wiki/Two-child_policy" title="Two-child policy">Two-child policy</a></li></ul></li> <li><a href="/wiki/Overconsumption_(economics)" title="Overconsumption (economics)">Overconsumption</a></li> <li><a href="/wiki/Political_demography" title="Political demography">Political demography</a></li> <li><a href="/wiki/Population_ethics" title="Population ethics">Population ethics</a> <ul><li><a href="/wiki/Antinatalism" title="Antinatalism">Antinatalism</a></li> <li><a href="/wiki/Mere_addition_paradox" title="Mere addition paradox">Mere addition paradox</a></li> <li><a href="/wiki/Natalism" title="Natalism">Natalism</a></li> <li><a href="/wiki/Non-identity_problem" class="mw-redirect" title="Non-identity problem">Non-identity problem</a></li> <li><a href="/wiki/Reproductive_rights" title="Reproductive rights">Reproductive rights</a></li></ul></li> <li><a href="/wiki/Sustainable_population" title="Sustainable population">Sustainable population</a></li> <li><a href="/wiki/Zero_population_growth" title="Zero population growth">Zero population growth</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Publications</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0;font-style:italic;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Population_and_Environment" title="Population and Environment">Population and Environment</a></li> <li><a href="/wiki/Population_and_Development_Review" title="Population and Development Review">Population and Development Review</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Lists</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Population_and_housing_censuses_by_country" title="Population and housing censuses by country">Population and housing censuses by country</a></li> <li><a href="/wiki/List_of_largest_cities" title="List of largest cities">Largest cities</a></li> <li><a href="/wiki/World_population_milestones" title="World population milestones">World population milestones</a> <ul><li><a href="/wiki/Day_of_Six_Billion" title="Day of Six Billion">6 billion</a></li> <li><a href="/wiki/Day_of_Seven_Billion" title="Day of Seven Billion">7</a></li> <li><a href="/wiki/Day_of_Eight_Billion" title="Day of Eight Billion">8</a></li></ul></li> <li><a href="/wiki/List_of_population_concern_organizations" title="List of population concern organizations">Population concern organizations</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Events and<br />organizations</div></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/7_Billion_Actions" title="7 Billion Actions">7 Billion Actions</a></li> <li><a href="/wiki/Church_of_Euthanasia" title="Church of Euthanasia">Church of Euthanasia</a></li> <li><a href="/wiki/International_Conference_on_Population_and_Development" title="International Conference on Population and Development">International Conference on Population and Development</a></li> <li><a href="/wiki/Population_Action_International" title="Population Action International">Population Action International</a></li> <li><a href="/wiki/Population_Connection" title="Population Connection">Population Connection</a></li> <li><a href="/wiki/Population_Matters" title="Population Matters">Population Matters</a></li> <li><a href="/wiki/United_Nations_Population_Fund" title="United Nations Population Fund">United Nations Population Fund</a></li> <li><a href="/wiki/United_Nations_world_population_conferences" title="United Nations world population conferences">United Nations world population conferences</a></li> <li><a href="/wiki/Voluntary_Human_Extinction_Movement" title="Voluntary Human Extinction Movement">Voluntary Human Extinction Movement</a></li> <li><a href="/wiki/World_Population_Conference" title="World Population Conference">World Population Conference</a></li> <li><a href="/wiki/World_Population_Day" title="World Population Day">World Population Day</a></li> <li><a href="/wiki/World_Population_Foundation" title="World Population Foundation">World Population Foundation</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bennett%27s_law" title="Bennett's law">Bennett's law</a></li> <li><a href="/wiki/Green_Revolution" title="Green Revolution">Green Revolution</a></li> <li><a href="/wiki/Human_impact_on_the_environment" title="Human impact on the environment">Human impact on the environment</a></li> <li><a href="/wiki/Human_migration" title="Human migration">Migration</a></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainability</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow hlist" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Commons page"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" 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