Prices ration scarce goods


When something is in in short supply, something must decide who gets the good, and who doesn’t. One way is for government to decide, and the other way is for people to decide cooperatively, through the price mechanism.

I’ve reported on how Walter E. Williams explains the difference in my post Prices Ration Scarce Goods. Here’s Williams himself explaining in a video just five minutes long.


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.