Price Controls and Communism

… a core concept in Economic Analysis and Atlas102

Click for MRU video

Click for MRU video

Concept description

Alex Tabarrok (reference below, video on right) notes that Communism can be thought of as a system of universal price controls.

He notes that each of the shortcomings examined in Price Ceilings and Price Floors were the norm – everyday occurrences  – in command economies.

UniversalPriceControls

Practice questions

At http://www.mruniversity.com/node/201800?utm_source=PrinciplesAnnot&utm_medium=PQAnnot&utm_campaign=MRUYTAnnotation, accessed 1 May 2016.

  1. On average, should we expect better customer service from a capitalist or a Communist employee?
Atlas topic, subject, and course

The Price System and Price Regulation (core topic) in Economic Analysis and Atlas102 Economic Analysis.

Source

Alex Tabarrok, Price Controls and Communism (4-minute video), Principles of Economics – Microeconomics, Marginal Revolution University, at http://www.mruniversity.com/courses/principles-economics-microeconomics/government-price-control-definition-rent-control-minimum-wage, accessed 1 May 2016.

Page created by: Ian Clark, last modified 1 May 2016.

Image: Alex Tabarrok, Minute 0:13 of Price Controls and Communism (4-minute video), Principles of Economics – Microeconomics, Marginal Revolution University, at http://www.mruniversity.com/courses/principles-economics-microeconomics/government-price-control-definition-rent-control-minimum-wage, accessed 1 May 2016.