Price Floor again...but Better

Okay, just as I finished posting my last price floor comment I started looking at the different sites that Dr. Tufte has listed to the left. And what I found was a better example of the effects of price floor on buyer, seller, and even politicians. (I don’t think you can comment on your own post, so I am posting again). I found it on The Angry Economist site, and after reading this I too am angry. The link took me to an article written by Walter Williams, the title is "Minimum Gasoline Prices."

Now I am not sure that statutory minimums are the same as the price floors we learned about in class, however after reading the article they seem pretty similar, if not the same. Anyway, in this article Williams talks about how these taxes in the various states are hurting the buyers of gas and helping politicians and sellers. I can’t believe how well this went along with our discussion in class (6/9/2004). Wow, can you believe it…economics really can be found in the “real” world?


Dr. Tufte said...

Yeah! Someone noticed that economics "really can be found in the 'real' world".

I actually didn't know that there were "statutory minimums" for gasoline prices in some states. I'm not perfectly clear on the details, but this sounds like a price floor to me. However, price floors only make a difference if they are high enough to by binding, and I'm not sure that is the case here.

Currently, the school that is using blogging the most to teach economics is George Mason University (in the Virginia side of suburban Washington D.C.). Walter Williams is a faculty member there, but does not blog - he has had a newspaper column on and off for about 20 years. You may have also seen him on 20/20 - John Stossel often uses him to explain economic ideas.

P.S. You can comment on your own post. Most people do this to reply to others comments, but you could also do it just to add more thoughts to your original post. (I'd give you credit for either one).

Anonymous said...

Youth is not wow gold a time of life;world of warcraft gold it is a state of mind; cheap wow gold it is not a Maple Story Accounts matter of rosy cheeks, red lips and supple knees;mesos it is a matter of the will, a quality of the imagination,wow gold kaufen a vigor of the emotions; it is the freshness wow geld of the deep springs of life.maple story mesos Youth means a tempera-mental predominance of courage over timidity, of the appetite for adventure over the love of ease. This often exists in a man of 60 more than a boy of 20.wow gold farmen Nobody grows old merely by a number of years.maple story money We grow old by deserting our ideals.ms mesos Years may wrinkle the skin, but to give up enthusiasm wrinkles the soul. Worry, fear, self-distrust bows the heart and turns the spring back to dust. Whether 60 or 16, there is in every human being’wow powerleveling s heart the lure of wonder, the unfailing childlike appetite of what’s maple story money next and the joy of the game of living.powerlevel In the center of your heart and my heart there is a wireless station: so long as it receives messages maplestory powerleveling of beauty, hope, cheer,world of warcraft power leveling courage and power from men and from the Infinite