SEPTEMBER 2024 | VOLUME 53, ISSUE 9
The Dangers of Price Controls
Henry Hazlitt and Brian Wesbury

The first issue of Imprimis, published in May 1972, featured an article titled “The Dangers of Price Controls” by Henry Hazlitt. The Federal Reserve back then was printing large amounts of money to fund massive government spending on Great Society programs launched during the presidency of Lyndon Johnson. As a result of printing so much money, the U.S. economy was suffering from rapid inflation. To address inflation, Federal Reserve Chair Arthur Burns and the Nixon administration dreamed up wage and price controls.

Today we face a similar situation. The Federal Reserve has been printing a lot of money to fund the huge expansion in the size and scope of government that took place during and after the Covid pandemic. In response to the resulting inflation and the political unrest that comes with it, Vice President Harris and others are promising to outlaw “price gouging”—in other words, to impose price controls—which will eventually lead to wage controls as well, since production and prices involve both in an intimate way.

Because economic truth remains the same today as it was 52 years ago, we are reprinting Henry Hazlitt’s article from 1972, but with edits and updates by Brian Wesbury that bring Hazlitt’s classic piece into today’s world.

SEPTEMBER 2024 | VOLUME 53, ISSUE 9 The Dangers of Price Controls Henry Hazlitt and Brian Wesbury The first issue of Imprimis, published in May 1972, featured an article titled “The Dangers of Price Controls” by Henry Hazlitt. The Federal Reserve back then was printing large amounts of money to fund massive government spending on Great Society programs launched during the presidency of Lyndon Johnson. As a result of printing so much money, the U.S. economy was suffering from rapid inflation. To address inflation, Federal Reserve Chair Arthur Burns and the Nixon administration dreamed up wage and price controls. Today we face a similar situation. The Federal Reserve has been printing a lot of money to fund the huge expansion in the size and scope of government that took place during and after the Covid pandemic. In response to the resulting inflation and the political unrest that comes with it, Vice President Harris and others are promising to outlaw “price gouging”—in other words, to impose price controls—which will eventually lead to wage controls as well, since production and prices involve both in an intimate way. Because economic truth remains the same today as it was 52 years ago, we are reprinting Henry Hazlitt’s article from 1972, but with edits and updates by Brian Wesbury that bring Hazlitt’s classic piece into today’s world.

The Dangers of Price Controls

AUGUST 2024 | VOLUME 53, ISSUE 8
Our Out-of-Control Federal Law Enforcement Agencies
Ryan Cleckner
Businessman, Attorney, and Author

The following is adapted from a talk delivered on July 23, 2024, at Hillsdale College’s Blake Center for Faith and Freedom in Somers, Connecticut.

AUGUST 2024 | VOLUME 53, ISSUE 8 Our Out-of-Control Federal Law Enforcement Agencies <a href="https://imprimis.hillsdale.edu/author/rleckner/">Ryan Cleckner</a> Businessman, Attorney, and Author
The following is adapted from a talk delivered on July 23, 2024, at Hillsdale College’s Blake Center for Faith and Freedom in Somers, Connecticut.

Our Out-of-Control Federal Law Enforcement Agencies

APRIL 2005 | VOLUME 34, ISSUE 4
Knowing History and Knowing Who We Are
David McCullough
Historian

The following is adapted from a talk delivered at a Hillsdale College National Leadership Seminar on February 15, 2005, in Phoenix, Arizona. 

APRIL 2005 | VOLUME 34, ISSUE 4 Knowing History and Knowing Who We Are David McCullough Historian
The following is adapted from a talk delivered at a Hillsdale College National Leadership Seminar on February 15, 2005, in Phoenix, Arizona.

From the Archives | Knowing History and Knowing Who We Are

JUNE/JULY 2024 | VOLUME 53, ISSUE 6/7
National Conservatism, Freedom Conservatism, and Americanism
John Fonte
Hudson Institute

The following is adapted from a talk delivered on April 18, 2024, at a Hillsdale College National Leadership Seminar in Bellevue, Washington.

JUNE/JULY 2024 | VOLUME 53, ISSUE 6/7 National Conservatism, Freedom Conservatism, and Americanism <a href="https://imprimis.hillsdale.edu/author/johnfonte/">John Fonte</a> Hudson Institute
The following is adapted from a talk delivered on April 18, 2024, at a Hillsdale College National Leadership Seminar in Bellevue, Washington.

National Conservatism, Freedom Conservatism, and Americanism

APRIL/MAY 2024 | VOLUME 53, ISSUE 4/5
Sports Should Unify, Not Divide Us
Clay Travis
The Clay Travis and Buck Sexton Show

The following is adapted from a talk delivered on April 17, 2024, at a Hillsdale College National Leadership Seminar in Bellevue, Washington.

APRIL/MAY 2024 | VOLUME 53, ISSUE 4/5 Sports Should Unify, Not Divide Us <a href="https://imprimis.hillsdale.edu/author/claytravis/">Clay Travis</a> The Clay Travis and Buck Sexton Show The following is adapted from a talk delivered on April 17, 2024, at a Hillsdale College National Leadership Seminar in Bellevue, Washington.

Sports Should Unify, Not Divide Us

MARCH 2024 | VOLUME 53, ISSUE 3
Rogue Prosecutors and the Rise of Crime
Cully Stimson
The Heritage Foundation

The following is adapted from a talk delivered on March 11, 2024, at the Allan P. Kirby, Jr. Center for Constitutional Studies and Citizenship on Hillsdale’s Washington, D.C. campus, as part of the AWC Family Foundation Lecture Series.

MARCH 2024 | VOLUME 53, ISSUE 3 Rogue Prosecutors and the Rise of Crime <a href="https://www.heritage.org/staff/charles-stimson">Cully Stimson</a> The Heritage Foundation The following is adapted from a talk delivered on March 11, 2024, at the Allan P. Kirby, Jr. Center for Constitutional Studies and Citizenship on Hillsdale’s Washington, D.C. campus, as part of the AWC Family Foundation Lecture Series.

Rogue Prosecutors and the Rise of Crime

FEBRUARY 2024 | VOLUME 53, ISSUE 2
Disparate Impact Thinking Is Destroying Our Civilization
Heather Mac Donald
Manhattan Institute

The following is adapted from a talk delivered on February 15, 2024, at a Hillsdale College National Leadership Seminar in Naples, Florida.

FEBRUARY 2024 | VOLUME 53, ISSUE 2 Disparate Impact Thinking Is Destroying Our Civilization <a href="https://imprimis.hillsdale.edu/author/heathermacdonald/">Heather Mac Donald</a><a href="https://imprimis.hillsdale.edu/author/heathermacdonald/"></a> Manhattan Institute The following is adapted from a talk delivered on February 15, 2024, at a Hillsdale College National Leadership Seminar in Naples, Florida.

Disparate Impact Thinking Is Destroying Our Civilization

January 2024 | VOLUME 53, ISSUE 1
An Immigration Crisis Beyond Imagining 
Todd Bensman
Center for Immigration Studies

The following is adapted from a talk delivered on January 22, 2024, at the Allan P. Kirby, Jr. Center for Constitutional Studies and Citizenship on Hillsdale’s Washington, D.C., campus, as part of the AWC Family Foundation Lecture Series.

January 2024 | VOLUME 53, ISSUE 1 An Immigration Crisis Beyond Imagining Todd Bensman Center for Immigration Studies The following is adapted from a talk delivered on January 22, 2024, at the Allan P. Kirby, Jr. Center for Constitutional Studies and Citizenship on Hillsdale’s Washington, D.C., campus, as part of the AWC Family Foundation Lecture Series.

An Immigration Crisis Beyond Imagining

DECEMBER 2023 | VOLUME 52, ISSUE 12
Lessons From the Great Covid Cover-Up
Rand Paul
U.S. Senator from Kentucky
Author, Deception: The Great Covid Cover-Up

The following is adapted from a talk delivered on November 1, 2023, at the Allan P. Kirby, Jr. Center for Constitutional Studies and Citizenship on Hillsdale’s Washington, D.C., campus, as part of the AWC Family Foundation Lecture Series.

DECEMBER 2023 | VOLUME 52, ISSUE 12 Lessons From the Great Covid Cover-Up Rand Paul U.S. Senator from Kentucky Author, Deception: The Great Covid Cover-Up The following is adapted from a talk delivered on November 1, 2023, at the Allan P. Kirby, Jr. Center for Constitutional Studies and Citizenship on Hillsdale’s Washington, D.C., campus, as part of the AWC Family Foundation Lecture Series.

Lessons From the Great Covid Cover-Up

NOVEMBER 2023 | VOLUME 52, ISSUE 11
Hillsdale’s Mission and the Politics of Freedom
Larry P. Arnn
President, Hillsdale College

The following is adapted from a talk delivered on the Regent Seven Seas Mariner on June 30, 2023, during a Hillsdale College educational cruise from Istanbul to Athens.

NOVEMBER 2023 | VOLUME 52, ISSUE 11 Hillsdale’s Mission and the Politics of Freedom <a href="https://imprimis.hillsdale.edu/author/larryparnn/">Larry P. Arnn</a> President, Hillsdale College
The following is adapted from a talk delivered on the Regent Seven Seas Mariner on June 30, 2023, during a Hillsdale College educational cruise from Istanbul to Athens.

Hillsdale’s Mission and the Politics of Freedom

Imprimis is the free monthly speech digest of Hillsdale College and is dedicated to educating citizens and promoting civil and religious liberty by covering cultural, economic, political, and educational issues. The content of Imprimis is drawn from speeches delivered at Hillsdale College events. First published in 1972, Imprimis is one of the most widely circulated opinion publications in the nation with over six million subscribers.

Imprimis is the free monthly speech digest of Hillsdale College and is dedicated to educating citizens and promoting civil and religious liberty by covering cultural, economic, political, and educational issues. The content of Imprimis is drawn from speeches delivered at Hillsdale College events. First published in 1972, Imprimis is one of the most widely circulated opinion publications in the nation with over six million subscribers.

Imprimis

Imprimis is the free monthly speech digest of Hillsdale College and is dedicated to educating citizens and promoting civil and religious liberty by covering cultural, economic, political, and educational issues. The content of Imprimis is drawn from speeches delivered at Hillsdale College events. First published in 1972, Imprimis is one of the most widely circulated opinion publications in the nation with over six million subscribers.

The opinions expressed in Imprimis are not necessarily the views of Hillsdale College.

Imprimis is the free monthly speech digest of Hillsdale College and is dedicated to educating citizens and promoting civil and religious liberty by covering cultural, economic, political, and educational issues. The content of Imprimis is drawn from speeches delivered at Hillsdale College events. First published in 1972, Imprimis is one of the most widely circulated opinion publications in the nation with over six million subscribers.
The opinions expressed in Imprimis are not necessarily the views of Hillsdale College.

Imprimis

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