--- title: "Meaning & Key Takeaway of: We economists don't know much, but we do…" description: "\"We economists don't know much, but we do know how to create a shortage. If you want to create a shortage of tomatoes, for example, just pass a law that..." image: "https://sms4smile.com/quotes/i/101/milton-friedman-616_cents_we-economists-don-t-know-much-but-we-do_1967217.png" --- # We economists don't know much, but we do know how to… ![“We economists don't know much, but we do know how to create a shortage. If you want to create a shortage of tomatoes, for example, just pass a law that retailers can't sell tomatoes for more than two cents per pound. Instantly you'll have a tomato shortage. It's the same with oil or gas.” quote by Milton Friedman](https://sms4smile.com/quotes/i/101/milton-friedman-616_cents_we-economists-don-t-know-much-but-we-do_1967217.png) [Download](https://sms4smile.com/quotes/i/101/milton-friedman-616_cents_we-economists-don-t-know-much-but-we-do_1967217.png) [Open image](https://sms4smile.com/quotes/i/101/milton-friedman-616_cents_we-economists-don-t-know-much-but-we-do_1967217.png) > “We economists don't know much, but we do know how to create a shortage. If you want to create a shortage of tomatoes, for example, just pass a law that retailers can't sell tomatoes for more than two cents per pound. Instantly you'll have a tomato shortage. It's the same with oil or gas.” [Milton Friedman](https://sms4smile.com/quotes/author/milton-friedman/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Economists can manipulate markets to create shortages by imposing price caps, leading to reduced supply. **In simple terms:** Price caps cause shortages. Key Takeaway Avoid price controls to prevent shortages. Themes economics policy market Mood cautious analytical Type economic policy When to use this quote - retail pricing - energy markets - agricultural policy - consumer goods Key Concepts market failure price controls Questions to Reflect On - How do price caps affect producers? - What alternatives exist to manage prices? A Different Perspective Shortages may also arise from supply chain issues, not just price caps. ★ ★ ★ ★ ★ No ratings yet [Cents](https://sms4smile.com/quotes/about/cents/) [Create Shortage](https://sms4smile.com/quotes/about/create-shortage-3281159/) [Economist](https://sms4smile.com/quotes/about/economist/) [Example](https://sms4smile.com/quotes/about/example/) [Gas](https://sms4smile.com/quotes/about/gas/) [Law](https://sms4smile.com/quotes/about/law/) [Oil](https://sms4smile.com/quotes/about/oil/) [Pounds](https://sms4smile.com/quotes/about/pounds/) [Shortage](https://sms4smile.com/quotes/about/shortage/) [Shortage Oil](https://sms4smile.com/quotes/about/shortage-oil-3281161/) [Shortage Tomatoes](https://sms4smile.com/quotes/about/shortage-tomatoes-3281162/) [Shortage Want](https://sms4smile.com/quotes/about/shortage-want-3281160/) [Tomatoes](https://sms4smile.com/quotes/about/tomatoes/) [Two](https://sms4smile.com/quotes/about/two/) [Two cents](https://sms4smile.com/quotes/about/two-cents/) [Want](https://sms4smile.com/quotes/about/want/) ## Related quotes > [Everything adds up to a major crisis. 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