Sunday, May 23, 2004
 
Steve Chapman, Visiting Professor to the Noggle School of Economics

In his column in last Thursday's Chicago Tribune, Steve Chapman explains High gas prices are no cause for panic.

Lead:
    Back in the 1970s, younger Americans might be surprised to learn, government bureaucrats controlled all prices in the economy. I'm not talking about the economy of the Soviet Union or Cuba--I'm talking about the economy of the United States. If a company wanted to raise its prices, it had to ask for permission from a federal agency, which didn't always agree.

    The experiment was a disaster, and it cured most politicians of the urge to meddle in such matters. They learned they weren't qualified to decide the correct price of any commodity. Except one: gasoline.
Libertarians, for their foreign policy shortcomings, understand laissez-faire.

- posted by Brian J. @ 6:49 PM
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To say Noggle, one first must be able to say the "Nah."