Shooting the Messenger

Here's my letter to the editors of the Wichita Eagle, responding to the cries for price caps on gasoline... the printed opening got hacked up, but the remainder was left in tact... This is the original that was sent in:

Dear Editor:

Not many people take the time to study and understand the basic principles of economics.  That's okay, as many find economics to be boring and difficult.  Unfortunately this doesn't stop these same people from offering economic advice.

For instance, someone in these pages recently suggested we’d be better off if the government would simply mandate a $1-per-gallon gasoline price and reimburse retailers for any amount over a dollar.  Ask yourself: if this is the key to economic nirvana, why $1?  Why not make it free? 

The basic laws of economics have been established and recognized for over two hundred years.  They aren’t rendered optional or obsolete just because we might be unaware of  (or dislike) them. This well-intentioned reader’s proposal is no exception. 

Gasoline is expensive because it is scarce.  Tragically, hurricanes have made it scarcer still.  High prices are simply communicating that reality.  You can shoot the messenger (price), but it doesn’t change the message (scarcity).

Attempting to turn meager rations into abundant supply by controlling the price is like plunging a thermometer into a bucket of ice to cool off a hot summer day.  It doesn’t work that way, no matter how good your intentions.