For all the debate among economists about the minutiae of fiscal and monetary policy, they're virtually unanimous in their condemnation of price controls, where the government arbitrarily sets prices instead of allowing supply and demand to work freely.
So it should come as no surprise that 150 economists have voiced their opposition to a recent proposal by federal health officials – and echoed in the halls of Congress – to establish price controls in America's pharmaceutical market by pegging U.S. drug prices to what other countries (all of which impose price controls on their drug markets) are paying for the same medicines.
