We have seen the future, and it sucks.

France Butter Shortage

30th October 2017

Read it.

News coverage of the shortage of butter on French supermarket shelves (BBC, Bloomberg, NYT) is an economics lesson in itself.

As usual, when there’s a “shortage,” some sort of government intervention in the free market is nearby: the end of “milk quotas” in the European Union in 2015. I can see someone arguing that the cause of the shortage wasn’t the quotas but the repeal of them, but that seems like a stretch.

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