Read Sowell’s take on the opportunistic politicians who want to win votes by undermining the price system here.
I think that most politicians understand enough fundamental economics to realize that no good (economic good, that is) can possibly come from “windfall profits” taxes or by roasting oil company executives. So why do they repeatedly demagogue this non-issue? Because they think it won’t really do any harm? Because appeals to envy and ignorance are just “good politics?’ Because explaining the truth is too hard and politically risky?
