There&#x27;s a lot of empirical evidence that price controls cause shortages, and the theory behind it is well understood. Wikipedia has a few examples, dating back to the Roman period: <a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Price_controls#Criticisms" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Price_controls#Criticisms</a><p>There are a lot of things economists don&#x27;t know, but price controls -&gt; shortages is one of the things that is well established (the exception is when the price limit is higher than the price of the object, and thus has no effect).