In 302, the Roman emperor Diocletian commanded "there should be cheapness," declaring, "Unprincipled greed appears wherever our armies ... march. ... Our law shall fix a measure and a limit to this greed." The predictable result of Diocletian's food price controls were black markets, hunger and food confiscation by his soldiers. Despite the disastrous history of price controls, politicians never manage to resist tampering with prices -- that's not a flattering observation of their learning abilities.
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Economics for the CitizenWalter E. Williams
» Walter E. Williams - all quotes »
"Thanks to the Green Revolution, the real price of food is half or less than it was in 1960 which means those who spend the highest portion of their income on food - the urban and non-farm rural poor -- garner the most benefit from it."
Norman Borlaug
"He who controls the weather, will control the world. He who controls gravity, will control the universe. He who controls time, will never be around."
Thomas Frey
Josette Sheeran, executive director of the United Nations World Food Programme, stated that people who don't have food have three choices – "revolt, migrate or die". "We need a better plan," she said, pointing to the one in seven people who are food insecure. 70% of brain growth takes place before the age of two so deprivation of food in infants is long-lasting.
Josette Sheeran
there's the claim that this or that price is unreasonable. I used to have conversations about this claim with Mrs. Williams early on in our 44-year marriage. She'd return from shopping complaining that stores were charging unreasonable prices. Having aired her complaints, she'd ask me to go out and unload a car trunk loaded with groceries and other items. Having completed the chore, I'd resume our conversation, saying, "Honey, I thought you said the prices were unreasonable. Are you an unreasonable person? Only an unreasonable person would pay unreasonable prices." The long and short of it is that the conversation never went over well, and we both ceased discussions of reasonable or unreasonable prices. The point is that whatever price a transaction is transacted at represents a meeting of the mind of both buyer and seller. Both viewed themselves as being better off than the next alternative -- not making the transaction. That's not to say that the seller wouldn't have found a higher price more pleasing or the buyer wouldn't have been pleased with a lower price.
Walter E. Williams
"Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble...to give way to hope, fear and greed."
Benjamin Graham
Williams, Walter E.
Williams, William Carlos
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