Isabella Weber is an assistant professor of economics at the University of Massachusetts Amherst, and she argues in The Guardian that the U.S. implement price controls to fight inflation, which we were assured was transitory … just a blip. She notes that inflation is near a 40-year high but doesn’t seem interested in explaining why that is. She’s more concerned with fighting it, and that way to do it is price controls.
We have a powerful weapon to fight inflation: price controls. It’s time we use it | Isabella Weber https://t.co/K7xJki2zRi
— The Guardian (@guardian) December 29, 2021
Weber writes:
To use a metaphor: if your house is on fire, you would not want to wait until the fire eventually dies out. Neither do you wish to destroy the house by flooding it. A skillful firefighter extinguishes the fire where it is burning to prevent contagion and save the house. History teaches us that such a targeted approach is also possible for price increases.
What?
— Anthony Bialy (@AnthonyBialy) December 30, 2021
This is like the last frame of the clown meme
First there's no inflation
Then it's transitory
Finally straight up price controls now lmao https://t.co/iRpotCrh3u— Comfortably Smug (@ComfortablySmug) December 29, 2021
You left out the part where they said inflation was good for us.
— Mark (@Jackson_AZ44) December 29, 2021
Remember last month’s tweet from MSNBC arguing that inflation was a good thing?
Don't forget nationalization of means of production to address the inevitable shortages brought about by price controls.
— Q (not anon 🤦♂️) (@QhsNYJ) December 29, 2021
Because you can never have too many shortages.
— John Keck (@loneloc02) December 29, 2021
Recommended
As an American reading this… pic.twitter.com/j3f3xHZhfp
— Pole Assassin|ABOLISHtheIMF/WorldBank (@means_over) December 29, 2021
https://t.co/BipCoomITt
When I was ~ 12, I stood in bread lines, just like this one, for hours. The price was low, there was just no food in the store at this price. My brother, 8 , was with me, because when they brought bread, there were quotas: so many breads per capita.— Ruslan Tsutsaev (@Tsutsaev_Ruslan) December 29, 2021
As a Venezuelan price controls improved my life dramatically. If I hadn't lived a decade under constant price controls I wouldn't be able to grasp how insanely stupid it is as a policy or solution to attack inflation, maybe I might even think Socialism works. Scary stuff.
— Raúl (@RaulTweet) December 29, 2021
South Americans: pic.twitter.com/9rNJU9XqbC
— Ruggi (@Ruggi87) December 29, 2021
— Password is Taco (@pw_is_taco1) December 29, 2021
Absolutely right. We’ve been implementing price controls in Argentina and our economy is as strong as an ox, according to our president. pic.twitter.com/0EoyqSOcR1
— La Mano del Muñeco (@lamanodelmuneco) December 29, 2021
In Argentina they’re doing price control on gas and there’s shortages everywhere now. Just saying.
— Listofens 丰 (@listofens) December 29, 2021
— n3gr1 ♡ (@nesuriver) December 29, 2021
Another “eCoNoMisT”
— Dan Held (@danheld) December 29, 2021
Should we ask someone who lived under world war 2 price controls what the risks are, or ask "economists" to theorise on it?
— Agent.HODL 🔴🟠🟡 (@Stack_Russel_UK) December 29, 2021
No need, I lived this In Ecuador (WITH THE USD) And saw farmers burning their rice and spilling their milk because it was more expensive to produce than the amount they were “legally” allowed to sell it for
— el Tanos (@ElGuevo61605193) December 29, 2021
Price controls. The most stupid idea. Worked "wonders" in Venezuela and Argentina.
— Daniel Lacalle (@dlacalle_IA) December 30, 2021
The rules of interventionism:
1) Say there is no inflation. Print
2) Say it is transitory. Print
3) Blame businesses. Print.
4) Blame consumers. Print
5) Price controls and rationing -> Crisis.
6) Print to combat deflation.Repeat
— Daniel Lacalle (@dlacalle_IA) December 30, 2021
Well at least there’s no history of this idea going wrong.
— Gert B. Frobe (@ThumblessGrasp) December 29, 2021
An ironclad strategy that's failed again and again since the days of ancient Rome.
— Jpegonomist (@jpegonomist) December 29, 2021
What failed countless times before is bound to work THIS time pic.twitter.com/7x81Qzl0T4
— Volatility Trading (@VolatilityVIX) December 29, 2021
Spoiler: pic.twitter.com/iyj3bUGACB
— Kasey Skala (@kmskala) December 29, 2021
That never works.
Trust us, we know.
— Alejandro Calzetta (@ADCalzetta) December 29, 2021
"We have a powerful weapon to fight inflation: communism"
— DJ Danish / @Anders_ 🥩🥩 (@Anders_) December 29, 2021
It's almost as if a large fraction of the electorate was born after the Carter administration.
— Rob McMillin (@scareduck) December 29, 2021
Nixon will tell ya all about price controls….https://t.co/wgmabxZQOz
— Taxpayer1234 #DoNotComply (@Taxpayers1234) December 29, 2021
Whip Inflation Now. WIN! See 1970’s.
— john (@katahdin81) December 30, 2021
Yes let’s go back to rationing like the glorious 40s. Appealing
— size carter (@nic__carter) December 29, 2021
We're already in a world where basic commodities are short supply, so we just have to start queueing for the full 1940s experience.
— oliver beige (@oliverbeige) December 29, 2021
Imagine writing this headline unironically in the year 2021.
— Fletcher Dunn (@ZPostFacto) December 29, 2021
In a normal, non-bizzaro world unlike the one we live in, the author of this piece would no longer be trusted to write anything beyond grocery lists.
— Derek E. Brown 💬 (@Derek_esq) December 30, 2021
So much ratio 😂
— Crypto Chris 🟧 🇩🇰 (@CryptoLoveChris) December 29, 2021
The ratio on this warms my heart more than any Christmas fire.
— Get a booster for Santa 🎅💉 (@cactusinsurance) December 30, 2021
It’s a pretty powerful ratio. People in countries that have implemented price controls seem to have some experience in how well they work.
Related:
For some reason MSNBC decided this tweet about inflation being a good thing was worth deleting & replacing https://t.co/hBfPOT5Jov
— Twitchy Team (@TwitchyTeam) November 9, 2021
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