Four things have almost invariably followed the imposition of controls to keep prices below the level they would reach under supply and demand in a free market: (1) increased use of the product or service whose price is controlled, (2) Reduced supply of the same product or service, (3) quality deterioration, (4) black markets.
Thomas SowellThe only thing better than "hands-on" experience is hands-off experience - enough experience to understand that some things will turn out better if left alone.
Thomas SowellIt’s amazing how much panic one honest man can spread among a multitude of hypocrites.
Thomas SowellThe dominant orthodoxy in development economics was that Third World countries were trapped in a vicious cycle of poverty that could be broken only by massive foreign aid from the more prosperous industrial nations of the world. This was in keeping with a more general vision on the Left that people were essentially divided into three categories - the heartless, the helpless, and wonderful people like themselves, who would rescue the helpless by playing Lady Bountiful with the taxpayers' money.
Thomas Sowell