
Economic policies are the backbone of a stable and prosperous society. One of the most intriguing and sometimes contentious tools in the policy-makers’ toolkit is price control. By exploring the interplay between supply and demand, we can uncover how price controls — when applied as ceilings or floors — impact markets, sometimes creating unintended consequences. This blog delves into the mechanics and implications of price controls through the lens of demand-supply analysis, drawing on real-world examples and case studies.
The Dual Role of Economists: Scientists and Advisors
Economists serve a dual purpose. As scientists, they create and test theories to make sense of our world. As advisors, they apply these theories with the aim of improving societal conditions. Our previous courses, Market Forces of Demand, Supply, and Equilibrium and Elasticity Quantitative Demand and Supply Analysis, primarily focus on the scientific aspects of economics. We explore how supply and demand influence both the pricing and sales volume of goods and how various factors can shift supply and demand, affecting market equilibrium. .. Continue Reading