Pyro as Bill said:
Nobody taught you that price controls are the quickest way to make a bad situation worse? Bakers make bread for 9 cents and sell for 10 cents. Government increases money supply causing inflation. It now costs bakers 10 cents to make bread and they have to sell at 11 cents. Gov decrees bread must be capped at 10 cents (no profit for the bakers). Bakers stop making bread for the poor and bake cakes for the rich instead. No bread on shelves but black market bread is available at 20 cents (risk-reward cost for breaking law). The poor starve, the rich get cheaper cake. Socialism wins again. |
I am sorry, "nobody taught me?" I am a college professor in several institutions across two countries (9 months in the US, summers in another), and I know everything that they teach because I have been teaching the same things for the last decade! So please do not repeat the undergraduate introductory material to me, because pretty much all of it is either B.S. or simply inaccurate ideological propaganda.
Price controls may make things very bad or good, depending on the market conditions. MINIMUM WAGE, for instance, can be detrimental or beneficial to the economy. At college, of course, they only teach the ideologically convenient (neoclassical) solution, which is, do not interfere the market at all. In the neoclassical mindset, the minimum wages are completely evil. HOWEVER, that is NOT what the real data suggest, according to which, minimum wages have either no or negligible effect on the economic efficiency, and if at all, the effects are temporary. So with no real effect on efficiency, minimum wage in the US only re-distributes income but has no bearing on the market efficiency (unlike what the neoclassicals would claim!) and this is a FACT (for the US)!
How can that be? BECAUSE the markets are NOT perfectly competitive (unlike the fundamental assumption!). It is TRIVIAL to show that, increasing minimum wage (a type of price control), may actually increase efficiency as well as improving income inequality, IF the markets are NOT competitive to begin with. The exact same is true for the real estate markets, which are usually not competitive (but often held by a strong rich elite), causing IMPERFECT market prices and artifically low housing supply. This is why there are MORE VACANT HOUSES THAN THE HOMELESS in the US, as the owners are waiting for a higher bid!
If you want to go into the specifics, only and only if you have at least a PHD in Economics, then let's discuss, otherwise, I am afraid, you won't have a clue about the details of how the economy works beyond the superficial millenial ideological propaganda they have given you. Hopefully you are not one of those who still think "college premium is due to rising productivity" nonsense.
Playstation 5 vs XBox Series Market Share Estimates
Regional Analysis (only MS and Sony Consoles)
Europe => XB1 : 23-24 % vs PS4 : 76-77%
N. America => XB1 : 49-52% vs PS4 : 48-51%
Global => XB1 : 32-34% vs PS4 : 66-68%