Youtor
An Economic History of Wage and Price Controls
>> YOUR LINK HERE: ___ http://youtube.com/watch?v=Hk1PYXo4ZlE
Are price controls a solution to inflation or a recipe for disaster? In this video, we break down the economic concept of wage and price controls and analyze their effects through three historical case studies: the Soviet Union, Venezuela, and the United States. WATCH THIS NEXT➡️ • Inflation Explained: Understand What ... • Learn how government-imposed price ceilings and floors have led to shortages, surpluses, inflation, and economic instability throughout history. But are the outcomes from implementing price controls such as price ceilings and price floors desirable? • Watch more Videos on Economics ➡️ • Economics and Economic History • We explore: • ✅ Key economic definitions: price ceilings, price floors, shortages, surpluses, and bartering • ✅ Material Balance Planning in the Soviet Union and its economic failures • ✅ Venezuela’s oil-based economy and the hyperinflation crisis • ✅ U.S. price controls during WWI and WWII—when they worked and when they didn’t • Featuring insights from Milton Friedman, this video explains how price controls interfere with market forces and why they often lead to unintended consequences. • Supporting information: • ✅ Pricing Ceiling: the maximum price set for good or service imposed by a governing body. • ✅ Price Floor: A minimum price set for a good or service imposed by a governing body. • ✅ Shortage: The demand for a good or service exceeds its supply in a market. • ✅ Surplus: The supply for a good or service exceeds its demand in a market. • ✅ Barter: a system of exchange where goods or services are exchanged for other goods or services without using a medium (money) of exchange. • ✅ Milton Freidman on Wage and Price Controls: • Milton Friedman on Wage and Price Con... • 👉Recommended reading: • The Wealth of Nations ➡️ https://amzn.to/405jCYV • The Great Courses: Economics, 3rd Edition ➡️ https://amzn.to/3XKEdjP • ================================== • I post daily accounting and finance quizzes • / @patrickbraycpa • ================================== • 📢 Subscribe for more business tax insights! 🚀 • #Economics #PriceControls #Inflation #MiltonFriedman #VenezuelaCrisis #SovietUnion #WWII • Some of the links are affiliate links where I earn a small commission from qualifying purchases. • Disclosure Disclaimer: The information in this video is provided for general education purposes only and may not reflect changes in federal or state laws. This video is not intended to provide advice. Please consult with a professional advisor about your facts and circumstances. • Chapters • 0:00 Intro • 0:17 Definitions • 2:37 Soviet Union and Material Balance Planning • 8:20 Venezuela and Oil Economy • 11:12 United States WW1 • 13:00 United States WW2 • 15:47 Nixon Administration
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