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 ?
'Medicine price controls will be done in phases,' Dzulkefly said.
This is the lowest rate ever proposed for energy network price controls in Great Britain.
Some goods and services do not get any government financing, but they are still under government price controls, the central bank pointed out, citing telecommunication fees as an example.
Citizens Advice claims households are overpaying for their electricity since Ofgem-set price controls created excess profits for distribution companies.
Ofwat published its new methodology for the forthcoming 2019 price control review (PR19) on 13 December 2017.
"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.
He has urged Chinese Ambassador ZhangYesui to consider the concerns of American device makers when debating the merits of a price control proposal unveiled last summer by the National Development and Reform Commission (NDRC).
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 price controls required the four banks - Barclays, HSBC, Lloyds TSB and the Royal Bank of Scotland - to make available to small and medium enterprises an account which offers an interest rate of at least 2.5 percentage points below the base rate or free money transmission services, or both.
If Americans were reminded of the truth that price controls over pharmaceutical drugs will lead to less medical innovation and fewer choices, the poll would likely be skewed rather differently.
An economist interviewed for the Bloomberg story-who maintains price controls won't work in the long run-told Bloomberg that if price controls did not exist prices in April 2006 would have increased 1.6 percent instead of 1.0 percent.