There is one thing that unites left wing political parties all over the world, regardless of their other differences. It is the conviction that incentives don’t matter. I suspect that a hefty majority of the delegates to the Democratic National Convention sincerely believe that if a price is judged to be too high, government can push it down and nothing bad will happen (e.g., shortages). If a price is judged too low, government can push it up and nothing bad will happen (e.g., surpluses).

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