Measures to control food prices could have catastrophic consequences, economists warn

Food prices have risen sharply over the past year. The price increases have become a target of Vice President Kamala Harris and her presidential campaign. She has promised price control measures, but this approach, as food economists warn, has failed in the past.

Food economists at Michigan State University point to the Nixon administration. He tried something similar, and economists warn that it turned out to be a disastrous policy. Government spending and the response to the pandemic are largely to blame. While the lockdowns are long over, they warn that after events with such far-reaching effects, it takes time for supply chains to cool down again.

Another factor was drought, which damaged both crops and livestock.