I mourn for the people of Venezuela. Their government is embarked on a course to completely trash their economy. Still, as a teacher, I am grateful to President Hugo Chavez for providing yet another example of the effects of price controls.
Regrettably, we don't know a whole lot that a government can do to make an economy grow faster. Surely an efficient government, one that provides a high level of service for the tax revenue it receives, helps. But that is true for any industry, an efficient industry is good for everyone. But, we know from far too many examples the actions government can take to destroy an economy. Price controls are one of the worst.
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