price controls


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Price Control

A government regulation limiting the percentage (or, rarely, dollar amount) by which a price for a good or service can change over a given period of time. Price controls have been used to combat inflation, though they are rarely successful. Price controls may also be utilized to protect a favored industry, and are used most commonly to provide a minimum price for agricultural products. See also: Wage control, Price ceiling, Price floor.

price controls

the specification by the government of minimum and/or maximum PRICES for goods and services. The price may be fixed at a level below the market EQUILIBRIUM PRICE or above it, depending on the objective in mind. In the former case, for example, the government may wish to keep the price of some essential good (for example, food) down as a means of assisting poor consumers. In the latter case, the aim may be to ensure that producers receive an adequate return (see PRICE SUPPORT). More generally, price controls may be applied across a wide range of goods and services as part of a PRICES AND INCOMES POLICY aimed at combating INFLATION. See also RATIONING.
References in periodicals archive ?
I'm surprised to see that Cambio Democratico [Martinelli's party] is attacking me for this when the president openly stated during his campaign that emergency price controls were the only solution to rising food prices," said Varela.
For example, although there is a strong lobby in US against price control, studies have shown that a US consumer pays an average of 20 per cent more than their Canadian counterpart.
Representatives of the industry have expressed serious concerns about medical device price controls proposed by the NDRC," Luger wrote in a letter to Yesui.
These measures represent a significant move away from traditional price controls and will lead to their total abolition once the market is effectively competitive.
But Adam Scorer, senior public affairs officer at CA said: "CA welcomes indications that more people are switching suppliers, but warns that removing the price controls is a onceonly decision that could hit low-income consumers unless approached with extreme caution.
It's an instructive example, because, unlike Richard Nixon's clumsy "Phases," which free marketeers trot out whenever anyone mentions price control, the OPA's regulation was so encompassing--and it worked so well.
Ofgem today welcomes the Competition and Markets Authority s decision on appeals made by two companies against specific elements of the 2015-2023 electricity distribution price control (RIIO ED1).
The CAA stated that it will now consider the report before issuing, for consultation, its price control and other proposals for Stansted by 9 December.
The government's effort to contain prices through price controls now involves the personal intervention of the highest members of the current administration-including the president.
The history of the inevitable failures of government price controls is simply ignored.
But the lead author of the price controls, state Sen.