Economist Art Carden identifies what he calls an Iron Law of Intervention in his recent Forbes column: "If you want to make a problem worse, pass a law to fix it."
Art illustrates the law by explaining how price gouging laws actually make conditions much worse, not better, for the victims of natural disasters like the recent tornadoes in Alabama and Missouri.
Art illustrates the law by explaining how price gouging laws actually make conditions much worse, not better, for the victims of natural disasters like the recent tornadoes in Alabama and Missouri.
Other examples of the Iron Law would be: a) rent control laws, which worsen shortages of affordable housing, and b) minimum wage laws that make unskilled workers worse off, not better off.
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→The Iron Law of Intervention
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