We've probably all heard the story of a past president who wanted the law of supply and demand repealed. The problem is that it's not a law that is legislated, but a universal principle that holds true under any market system. The P41 and P45 per kilo price caps on regular-milled and well-milled rice, respectively, ordered by the President effective today represent yet another effort to defy that law. Forcing price caps in a largely competitive market where prevailing prices are much higher is, in effect, an attempt to 'repeal' the law of supply and demand, the consequences of which could be more disastrous than the problem it hopes to solve.

https://opinion.inquirer.net/166073/price-caps-make-things-worse

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