24 | Price Controls
Price controls are restrictions in the movement of prices, and they come in two forms: price ceilings, and price floors. Price ceilings are maximum allowable prices.
If price controls have negative consequences, why do governments enact them?
John Steele Gordon and Dean Baker address questions about minimum wage, part of the WE THE ECONOMY Series.
John Steele Gordon and Dean Baker address questions about minimum wage, part of the WE THE ECONOMY Series.
Price floors, when prices are kept artificially high, lead to several consequences that hurt the consumer. In this video, we take a look at the minimum wage as an example of a price floor.
A $15 federal minimum wage would likely boost pay for 27 million US workers, lifting 1.3 million households out of poverty, according to an analysis released Monday by congressional economists. But the income boost may come with a cost: It could trigger 1.3 million job losses.
John Steele Gordon and Dean Baker address questions about minimum wage, part of the WE THE ECONOMY Series.
John Steele Gordon and Dean Baker address questions about minimum wage, part of the WE THE ECONOMY Series.