Economics 101: Price controls lead to violence, even on airplanes

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A beautiful thing about the free market, as the late economist Milton Friedman observed, is that every transaction within it occurs only because it is mutually beneficial.

Peter buys Paul’s sandwich only because each man decides he is better off doing the deal than not. If it happens, it is because Peter wants the sandwich more than he wants to keep his $5, and Paul wants the $5 more than he wants to keep the sandwich.

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