Sometimes sarcasm is warranted. From Three Cheers for “Price Gougers”:
With every disaster or crisis, it seems that the public, press and politicians require a remedial course in Economics 101. In fact, apparently we need an ongoing educational campaign even when there is no catastrophe, as demonstrated by the recent foolish legislation in the state of Hawaii to cap wholesale fuel prices. Note the subhead in the linked story: ‘Some analysts warn move may spur supply problems.’Really? Only ‘some’? Maybe they need to be more careful about which ‘analysts’ they listen to. Whatever would we do without those other ‘analysts’?
Imagine the headlines, ‘Legislature Mandates Pi To Equal 3.00000 — Some Analysts Warn Move May Spur Engineering Problems,’ or ‘King Canute Commands Tide To Recede — Some Analysts Warn Move May Spur Wet Footwear Problems.’ What would we think of the analysts who thought that the proposed mandates were no problem, perfectly in consonance with the laws of physics and human nature? Even most people with typical journalism educations would recognize such heads and subheads as the jokes they are, but somehow when it comes to basic economics, the laws of supply and demand, and the function of prices in a market economy bizarrely remain subjects for public debate.
I write this little essay sadly, knowing that it’s been written many times before, and that it will have to be written many times again, if history is any judge.