Episode Synopsis "4. Price Controls"

Price controls — triangular interventions — occur when an intervener (generally government) either compels a pair of people to make an exchange or prohibits them from making an exchange. Although ludicrous, price controls are instituted because a product appears to be in short supply, e.g. oil — while price controls create artificial shortages of the product. The conservation movement ties in with the attack on comfort and consumption and humans in general. Lecture 4 of 16 from Austrian Economics: An Introductory Course, presented at New York Polytechnic University in 1972.

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More episodes of the podcast Austrian Economics: An Introductory Course

• 1. Choice, Utility, and Demand
• 2. Supply and Demand
• 3. Advertising
• 4. Price Controls
• 5. The Profit Motive
• 6. Costs of the Firm
• 7. Pricing of the Factors of Production
• 8. Labor and Unions
• 9. Labor
• 10. Capital, Interest, and Profit
• 11. Interest and Capitalization
• 12. Conservation and Property Rights
• 13. Monopoly and Competition
• 14. Money and Prices
• 15. Money and the Balance of Payments
• 16. Banking and the Business Cycle