Price Controls
A 16-year old made millions during the pandemic by reselling Walmart products. Other pandemic resellers were prosecuted under price gouging laws. Ask your students what the difference is with Max Hayden’s business and begin a discussion of the intended and unintended consequences of price controls.
FREE Media Picks
Here are the latest selections from Texas teachers.
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1. The Origin of Government Cheese: Planet Money, 6+ min video
Here’s an amusing example of price floors enacted by the US government and the unintended consequences that resulted when policy makers failed to understand the incentives they created.
2. Law and Order, Selling a Kidney – Critical Commons, 5+ min video
In most countries there is a price ceiling of $0 on human organs. This creates some difficult dilemmas as this drama shows.
