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Public Competition or Price Controls?
Public Competition or Price Controls? - Trends
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Fixing drug prices at lower levels would inevitably curtail development and distribution of new products that improve and extend life. Drug prices are a tempting target for regulators, who notice a vast discrepancy between prices and manufacturing costs. But prices reflect other costs as well, in particular, the costs of research and advertising. Fixing prices at lower levels would inevitably curtail development and distribution of new products that improve and extend life. Almost all economists hate almost all price controls. But someone is always proposing new controls because he thinks he can get something for nothing or ...
LONDON, June 30 (Reuters) – “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices”, wrote Adam Smith in his famous “Inquiry into the Nature and Causes of the Wealth of Nations” in 1776. Perhaps Smith should be resurrected as an adviser to the European Commission, which has just imposed fines totalling 518 million euros on 17 producers of prestressed steel used in the construction industry, who operated a price-fixing cartel for 18 ... Read More
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WPHECN #19 History of economic thought
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