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PaperclipPerfector  8mo ago (text post)   30494 thread views

Culture War Roundup for the week of August 12, 2024

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Whereupon I unsubscribe from Matt Stoller

I had long considered Stoller to have solid analysis and a respect for markets, even when I didn't agree with his political slant, editorial direction, or choice of topics. But he has lost me here, and probably forever, in his simpering defense of the Harris economic plan, which includes price controls on groceries and vague yet sinister crackdowns on so-called price gouging.

It’s all predictable, both the economist revolt, and reporters who interview economists as if they know anything. I suspect what’s going on is that economists, as moral reformers who ordain truth, believe price-setting is beyond the realm of elected leaders or normal people. Harris has interfered with that belief, leading to an angry reaction of religiously scorned zealots. Another possibility is that those who think the most about how to set prices are monopolists and economists. And like anyone who sees someone new coming into one’s realm of expertise, they are angry at Harris. Regardless, I can’t see much of a downside to being attacked by economists and experts, after all these are the elites who got us into this mess.

Someone hasn't read The Road To Serfdom. I'm actually kind of flabbergasted to see this, though I shouldn't be surprised.

Just because it's never worked before, that doesn't mean it won't work this time.

That isn't a joke. It's probably true that grocery chains are overcharging a little bit right now. If the price controls are done very delicately, they might be able to reduce prices a little bit without damaging the economy.

The USA is more advanced than Venezuela. There are lots of things the USA can do that Venezuela can't. Successful price controls could be one of them.

If there are people making huge profits, they're not running grocery stores, which as a rule operate on unbelievably thin margins and run losses on some products. Remember - store brands are cheaper than name brands, not the other way around.

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