Joe Biden and Price Controls - More Economic Poison?

[@jeevs4187]

Great explanation on the demand vs supply and how that governs price of a product! The government SHOULD NOT try price control!

[@macdietz]

"Political economist" roughly translates to "opportunist career liar"

[@BasicEconomics]

"Political Economist" is an oxymoron to me, remember this quote from Sowell “The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.”

[@BeardyDay]

A true giant in the space basic economics

[@BasicEconomics]

And ... Pac-Man!

[@SpanishCartoons5]

Love the wide-range of clips you use in your videos from various decades.

[@NotAnEconomist]

If you put the federal government in charge of the Sahara Desert, in five years there’d be a shortage of sand. ~ Milton Friedman Great video and examples of destruction that price controls cause!

[@A-Negative]

“In an op Ed for the Guardian” ok that’s all I needed to know.

[@BasicEconomics]

to the casual viewer who just watches the local news, they might think it's credible... sigh...

[@notanindividual6474]

Oil companies are making the most profit in several years! Would that be because the oil price crash meant they were making losses and now the oil price is recovering they are making profits? Who cannot work this out? Price controls - see Venezuela.

[@BasicEconomics]

Great example!

[@italianmiltyfriedman6264]

Many of these corporations last year saw stock prices soar, on better earnings. while we like to think they use this money to pay more employees or provide a cheaper product, they use the cash for stock buybacks. They don't compete with each-other for our business. They collude with each-other in order to get away with charging us the most they possibly can. Game theory. Free market economics went out the window some time ago

[@italianmiltyfriedman6264]

of course supply side inflation was only temporary. Price controls are completely un-necessary as prices will naturally go down again. Just trying to solve a problem by creating another problem.

[@panamahub]

I think the "let's go Brandon"' administration is aware of the consequences of price controls. They'll try to mitigate the shortage with stupidities like subsidies or federal support of corporations.

[@silent_stalker3687]

“It helped us in WW2” She means the depression that was a average recession thanks to Hoover… Academic agent did a video on him as did Rothbard mention him in his book. FDR ran against Hoover saying ‘Hoover interfered too much with the economy’ I suggest the book ‘Myths of the great depression’ FDR did what Hoover did, but just spread it out over different things. I highly suggest Keynes open letter to FDR, specifically the last paragraph. Very telling. Let’s not forget the time of this. The US entered the war, at… 1941? The recession was going on since 1928, it became so bad that Hoover had to say “it was so bad my new methods didn’t solve it” kinda like witch doctors when trying to stop blood loss as a anemic person apply leeches “sorry, their blood loss was so great not even leeches could save them.” It also was so bad we called it a depression, which wasn’t what we called anything else like it but made a new category for it. I gotta wonder if the eugenic’s theories of the progressives following the 40’s was solely based on FDR’s results… What does FDR’s america, 1930’s Germany and 2020’s Australia have in common? The answer: concentration camps!

[@BasicEconomics]

Thanks for these comments and being part of this channel!

[@JamesMullarneyIsAFraud]

Great content! Price controls are communism

[@gsquare8585]

Great explanation on Basic Economics! True definition of Insanity! Keep up the good work! T.S.

[@BasicEconomics]

Thanks! I really appreciate the feedback!

[@reggiereg1785]

what over heating economy ?

[@sanpedrosilver]

👍🏼

[@BasicEconomics]

cheers!