… is from pages 174-175 of Thomas Sowell’s 1999 book, Barbarians Inside the Gates:
Price controls have been tried on every inhabited continent and for 4,000 years of recorded history. Few policies have been tried among more races or in so many different cultural settings. Yet the results have been remarkably similar.
People went hungry in 18th century France and in 20th century Africa when food prices were controlled by the government. Housing shortages have developed from Hong Kong to Berkeley in wake of rent control. There is indeed much we could learn from studying other peoples and their history, if only we would.
DBx: Yes. But, sadly, too little such learning occurs because too many people – on this matter, especially so-called “progressives” – stubbornly ignore both basic economic theory and history in their attempts to free their aspirations from the reins (and reign) of reality. Unfortunately, reality itself never releases its rein on – and reign over – us.
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Please join me in wishing Thomas Sowell a happy 96th birthday. Here’s hoping that he remains around for many more.
