"On every page of Tombstone you see detailed case studies of what Hayek warned about: the pretense of knowledge as political leaders thought they could do away with the family and individual initiative, but ended starving 36 million people to death in the mother of all unintended consequences; the ludicrousness of an economic system which tries to do away with prices to provide information, signals, and incentives, and replaces it command and control; the dangers of repressing freedom and thereby creating a cruel silence which allowed starvation conditions to continue."
While we are a long, long way from China in 1958, when we form our opinions on policies such as energy price caps and rent caps, let us not forget about the importance of the free market price signal, and what can happen when it is completely removed. See this article by Boris Johnson for a lighter take on the subject.
