A Quote by John Kenneth Galbraith
I was in charge of price controls in World War II and had a ceiling on overall prices. Everybody who was subject to general maximum price regulation wanted an exception and went to Congress to persuade a Congressman, or a group of people on the Hill, that I was being a menace to their industry.
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Say that Congress legislates gasoline price controls that sets a maximum price of $1 a gallon. As sure as night follows day, there'd be long lines and gasoline shortages, just as there were in the 1970s. For the average consumer, a $1.60 a gallon selling price and no waiting lines is a darn sight cheaper than a controlled $1 a gallon price plus searching for a gasoline station that has gas and then waiting in line. If your average purchase is 10 gallons, and if an hour or so of your time is worth more that $6, the $1.60 a gallon free market price is cheaper.
People always get what they want. But there is a price for everything. Failures are either those who do not know what they want or are not prepared to pay the price asked them. The price varies from individual to individual. Some get things at bargain-sale prices, others only at famine prices. But it is no use grumbling. Whatever price you are asked, you must pay.
A general flat minimum-wage law for all industry is permissible, but I do not think that it is a particularly wise method of achieving the end. I know much better methods of providing a minimum for everybody. But once you turn from laying down a general minimum for all industry to decreeing particular and different minimum for different industries, then, of course, you make the price mechanism inoperative, because it is no longer the price mechanism which will guide people between industries and trades.
My price is five dollars for a miniature on ivory, and I have engaged three or four at that price. My price for profiles is one dollar, and everybody is willing to engage me at that price
My price is five dollars for a miniature on ivory, and I have engaged three or four at that price. My price for profiles is one dollar, and everybody is willing to engage me at that price.
[T]he price you've paid is not the price of becoming human. It's not even the price of having the things you just mentioned. It's the price of enacting a story that casts mankind as the enemy of the world.
In 302, the Roman emperor Diocletian commanded "there should be cheapness," declaring, "Unprincipled greed appears wherever our armies ... march. ... Our law shall fix a measure and a limit to this greed." The predictable result of Diocletian's food price controls were black markets, hunger and food confiscation by his soldiers. Despite the disastrous history of price controls, politicians never manage to resist tampering with prices -- that's not a flattering observation of their learning abilities.
I'm a Veteran. I was in the Navy, in the submarine corps. I come from a military family. Both of my grandparents were in World War II and retired as officers. One fought in the Pacific and one fought in Europe. The whole family was in the war. I grew up exposed to it and hearing the stories, but the stories I heard weren't kind of the whole "Rah, rah, rah! We saved the world!" They were about the personal price and the emotional price.
If Broadway shows charge preview prices while the cast is in dress rehearsal, why should restaurants charge full price when their dining room and kitchen staffs are still practicing?
The idea that when people see prices falling they will stop buying those cheaper goods or cheaper food does not make much sense. And aiming for 2 percent inflation every year means that after a decade prices are more than 25 percent higher and the price level doubles every generation. That is not price stability, yet they call it price stability. I just do not understand central banks wanting a little inflation.
The most influential factor in selling a home is always price. Don't build 'wiggle room' into the asking price. There's a price war out there and you have to win it from the get-go.
The price of gold was fixed at $35 an ounce in 1934, but by the time the U.S. got through the Korean War, the Vietnam war, with all the associated secular inflation, the price level had gone up nearly three times.
The natural price, therefore, is, as it were, the central price, to which the prices of all commodities are continually gravitating.
The supply price and the demand price should be roughly the same. You're not supposed to have two different prices. According to economists.
Every retailer, when they price their goods, looks at their total cost overall. When they have costs go up, they'll price their products accordingly.
In well-functioning markets, price equals opportunity cost. Meaning that the proper way to price out and charge us for things is to charge us what those resources could otherwise have produced. This is a lesson the Soviet Union never learned at all, and the rest is history.
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