Wednesday, January 11, 2012

A Shortage of Aspirin?!?


Pretty much everyone knows that the economic outlook for Greece has been poor for quite some time and getting worse. But who would have imagined that the Greek recession/depression would lead to a shortage of aspirin? Aspirin is cheap to produce and purchase, as well as easily transferable. Michael Munger of Duke University plainly describes how government price controls can lead to product shortages, even of aspirin.

Read it at Euvoluntary Exchange
Solve the Mystery! Why is There an Aspriin Shortage in Greece?
by Michael C. Munger


Note: Although some may regard this problem as specific to Greece (or Europe), Americans should recall that price controls (more popular in the 1960’s and 1970’s) led to gasoline shortages. While I wasn’t around back then, today it’s hard to fathom not being able to get gas from a gas station or aspirin from a drug store.

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