Average Quote by Walter E. Williams
“Say that Congress legislates gasoline price controls that sets a maximum price of $1 a gallon. As sure as night follows day, there'd be long lines and gasoline shortages, just as there were in the 1970s. For the average consumer, a $1.60 a gallon selling price and no waiting lines is a darn sight cheaper than a controlled $1 a gallon price plus searching for a gasoline station that has gas and then waiting in line. If your average purchase is 10 gallons, and if an hour or so of your time is worth more that $6, the $1.60 a gallon free market price is cheaper.”
About This Quote
Source Article: Economic Freedom, 1995
Price controls cause shortages and higher overall costs than free market pricing.
In simple terms: Controls create scarcity.
Key Takeaway
Prefer market pricing.
Themes
economics
policy
freedom
Mood
analytical
critical
Type
explanatory
philosophical
When to use this quote
- fuel budgeting
- policy debate
- consumer choice
Key Concepts
supply and demand
price elasticity
Questions to Reflect On
- How do we address short‑term pain for long‑term gain?
- What alternatives exist?
A Different Perspective
Political resistance to change.
![“[Professional politicians] don't mind if price controls cause shortages of health care. In fact, they welcome the prospect, because then they can impose rationing; they can impose priorities, and tell everyone how much of what kind of medical care they can have. And besides, ... there's that…” quote by Murray Rothbard](https://sms4smile.com/quotes/img-quotes/77f/murray-rothbard-1563_care_professional-politicians-don-t-mind-if-p_417620.jpg)
