Prof. Antony Davies: Unintended Consequences of Price Controls
June 2, 2011
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4:44Now PlayingProf. Antony Davies: Unintended Consequences of Price Controls
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as posted by the channelProf. Antony Davies explains that prices are not levers that set value, but rather, are metrics that respond to value. Therefore, since government cannot legislate value, attempts to control prices will generate unintended consequences. Using the minimum wage as an example, Davies demonstrates that minimum wage laws increase unemployment rates amongst low-skilled workers.
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