As ever, it’s government that produces shortages

That free, chaotic and uncontrolled market was pottering along quite happily. Supply of - say- baked beans was meeting demand for baked beans at that variety of prices across outlets and brands. The system was working. Now, apparently, it isn’t. So, why?

Water and baked beans sell out after public told to stockpile food

Sales of emergency rations surge after the Defence Secretary urged country to prepare for cyber attacks

Well, there we are. We require government action to produce shortages.

We did actually test this concept to destruction back a while, the command and planned economies were rent with shortages, the market-based ones were not. We call that experiment the 20th century. Folk seem not to really grasp it all the same.

Britain has, arguably, a shortage of houses, building land, health care, even education is said to be in short supply by quality. Which are the parts of the British economy planned, or controlled, by government? Housing, building land, health care, education - see how this goes?

Perhaps, now that the shortages are of something as important as baked beans we’ll all learn the lesson properly?

Tim Worstall