Difference between revisions of "Price control"
(The Hepburn Act) |
(Expand) |
||
| Line 1: | Line 1: | ||
| − | A '''price control''' is a law or regulation that limits the | + | A '''price control''' is a law or regulation that limits the prices that can be charged for a [[good]] or service. Historically its use in [[free enterprise]] economies has mostly been limited to times of war, but has also been imposed in times of peace as a misguided way of controlling the [[economy]]. Price controls can be imposed in a piecemeal fashion, in the form of either price ceilings or price floors. One example of a price floor are [[minimum wage]] laws. |
363 [[federal court]] decisions discuss "price controls" and the "Fifth Amendment," which includes the protection of the [[Takings Clause]] against a deprivation of contract without just compensation, but only 61 [[federal court]] decisions discuss "price controls" and a right to privately contract.<ref>E.g., the terms (("contract clause") or "right to contract" or "privately contract" or (obligations w/3 clause))</ref> | 363 [[federal court]] decisions discuss "price controls" and the "Fifth Amendment," which includes the protection of the [[Takings Clause]] against a deprivation of contract without just compensation, but only 61 [[federal court]] decisions discuss "price controls" and a right to privately contract.<ref>E.g., the terms (("contract clause") or "right to contract" or "privately contract" or (obligations w/3 clause))</ref> | ||
| Line 8: | Line 8: | ||
== References == | == References == | ||
| − | + | {{reflist}} | |
==See also== | ==See also== | ||
Revision as of 15:05, November 24, 2020
A price control is a law or regulation that limits the prices that can be charged for a good or service. Historically its use in free enterprise economies has mostly been limited to times of war, but has also been imposed in times of peace as a misguided way of controlling the economy. Price controls can be imposed in a piecemeal fashion, in the form of either price ceilings or price floors. One example of a price floor are minimum wage laws.
363 federal court decisions discuss "price controls" and the "Fifth Amendment," which includes the protection of the Takings Clause against a deprivation of contract without just compensation, but only 61 federal court decisions discuss "price controls" and a right to privately contract.[1]
- ... price controls would lead to less research and development in the pharmaceutical industry, fewer new prescription drugs, and the reduced availability of prescription drugs[2]
Price controls were first enacted into U.S. law with the 1906 Hepburn Act.
References
- ↑ E.g., the terms (("contract clause") or "right to contract" or "privately contract" or (obligations w/3 clause))
- ↑ Guaranteed Pain and Suffering: The Recent Research on Drug Price Controls - Derek Hunter - November 3, 2005