3. Economist John Cochrane warns that government subsidies for high gas prices compound oil shocks into inflation. Comparing current trends to 1979, he argues that price controls lead to shortages, while free-market incentives are necessary to encourage p

3. Economist John Cochrane warns that government subsidies for high gas prices compound oil shocks into inflation. Comparing current trends to 1979, he argues that price controls lead to shortages, while free-market incentives are necessary to encourage production and efficient consumption. (3)
1906 TROTSKY ON TRIAL WITH CO-DEFENDANT REVOLUTIONARIES