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I'm reading a fascinating and thorough account of the disastrous petroleum price controls of the 1970s that deserves a wide readership. Anyone looking for a careful study of the flaws in price controls and import quotas should read:
William C. Lane, Jr., The Mandatory Petroleum Price and Allocation Regulations: A History and Analysis (American Petroleum Institute 1981).
It isn't a formally published book, and so it may require using interlibrary loan to track a copy down. Definitely worth it.
This post reminds me of one of my favorite Reagan moments. It happened shortly after he took office:
Carter got it into his head that there was a gasoline shortage. He put in a government allocation system run by bureaucrats. Immediately long lines formed because the bureaucrats could not do as good a job as the free market.
One of Reagan’s first actions was to remove the government allocation system and let the free market do its thing. Ted Kennedy threw a fit and predicted a huge disaster for America.
Within one week, the gas lines disappeared.
Posted by: Jake at January 20, 2006 02:40 PM