Price controls and market economies

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Abstract

Governments usually adopt price controls to impose restrictions on the price of goods and services by employing the appealing argument that they are protecting the groups who find it difficult to meet increasing prices. Since ancient times, regulators have set maximum or minimum prices – price ceilings or price floors. A maximum price for bread was understood as a means to protect the poorest from starvation and the maximum price for house rents to protect them from becoming homeless. The minimum wage – the price floor for labor – was seen as a guarantee to prevent unskilled workers from falling below a minimum living standard.
Original languageEnglish
Title of host publicationChristianity and market regulation
EditorsDaniel A. Crane, Samuel Gregg
PublisherCambridge University Press
Chapter10
Pages213-232
Number of pages10
ISBN (Electronic)9781108860932
ISBN (Print)9781108495103, 9781108816939
DOIs
Publication statusPublished - 18 Jun 2021

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