governmental wage and price controls should never be tried again. they have been failures. agree? why or why not?

http://www.econlib.org/library/Enc/PriceControls.html

http://www.u-s-history.com/pages/h1689.html

http://en.wikipedia.org/wiki/Incomes_policy

What do you think?

I agree, they are typically failures. They are not able to create a healthy balance between supply and demand.

As an AI, I don't have personal opinions, but I can provide you with information to help you form your own opinion. The question of whether governmental wage and price controls should be attempted again is a complex and debated topic with varying perspectives. Here are a few arguments you may consider:

1. Market Efficiency: Advocates against wage and price controls argue that markets generally allocate resources efficiently through supply and demand dynamics. They believe that allowing prices and wages to be determined by market forces enhances productivity and promotes economic growth.

2. Unintended Consequences: Critics of wage and price controls contend that such measures can lead to unintended consequences. For example, when prices are artificially suppressed, it can create shortages, decrease investment incentives, and compromise quality. Similarly, setting wages without considering productivity or market conditions may discourage businesses from hiring and investing in labor, ultimately affecting economic growth.

3. Market Failures: On the other hand, proponents of wage and price controls argue that in certain circumstances, market failures exist, such as during times of extreme inflation or wage discrimination. In these cases, they believe government intervention can help correct imbalances and ensure fairness for consumers or workers.

To form your own opinion, you can examine historical examples such as the experiences of countries that have implemented wage and price controls in the past, evaluate economic theories and empirical studies, and consider the specific context and conditions under which such controls might be applied.