Did Economics Destroy U.S.? This Approach Might

In the 1940s, economist John Kenneth Galbraith sat in the Office of Price Administration, helping administer wartime price controls across much of the American economy. Rather than calculating a “correct” price for each good, the Emergency Price Control Act of 1942 let the government lock sellers into the highest price they had charged that March, leaving the agency to issue thousands of industry-by-industry rules to fix the distortions the freeze left behind. Read Full Article »