New York Magazine writes ‘to combat inflation, the U.S. should impose price controls’

New York Magazine became the latest news publication to argue in favor of price controls in a new article on Sunday.

In his “Who’s Afraid of Price Controls?” article, contributing writer Eric Levitz offered up price controls as an “unorthodox” measure to combat inflation issues that are “depressing living standards, sowing financial anxiety, and raising the poll numbers of America’s increasingly anti-democratic opposition party.”

“All of which is to say: The government’s broadly accepted, normal tools for managing inflation aren’t so great,” Levitz continued. “This is indispensable context for any debate over broadly dismissed unorthodox tools for managing inflation such as price controls.”

Levitz’ referenced a similar article from The Guardian that argued in favor of price controls as a solution for inflation. While Levitz similarly promoted price controls, he acknowledged that Isabella Weber made some mistakes in The Guardian piece.

“To many lay observers and policy wonks alike, Weber’s endorsement of price controls was tantamount to a declaration of economic illiteracy. After all, rising prices typically reflect genuine scarcity; when demand for a good outpaces production, the price system effectively rations supply by ability (and/or willingness) to pay. In that context, dictating lower prices by government order only masks the problem,” Levitz wrote. – READ MORE