quote · Legacy record
Price controls almost invariably produce black markets, where prices are not only higher than the legally permitted prices, but also higher than they would be in a free market, since the legal risks must also be compensated. While small-scale black markets may function in secrecy, large-scale black markets usually require bribes to officials to look the other way.
Price controls almost invariably produce black markets, where prices are not only higher than the legally permitted prices, but also higher than they would be in a free market, since the legal risks must also be compensated. While small-scale black markets may function in secrecy, large-scale black markets usually require bribes to officials to look the other way.
Approximate author period: c. 1930 AD · modern
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- Author or tradition
- Thomas Sowell
Attribution: attributed - Country attributed
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- Approximate author period: c. 1930 AD · modern
Approximate author-period anchor from documented birth year 1930; activity date not established; Wikidata Q553449, https://www.wikidata.org/wiki/Q553449 (accessed 2026-10-08). Not a quotation composition date.
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Supplied reference C; CSV row 231043; supplied attribution, independently unverified
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