- Michael Keyes
- Goldsboro, NC
- United States
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Does the US currently have a price floor in agriculture?
I am reading Basic Economics by Thomas Sowell. In his book he explains how the US(and India) uses price flooring(price control) on crops, eventually leading to a surplus. In turn the government has to buy subsidies in the crop businesses that literally go to waste in order to maintain price above the floor. I looked on USDA's website to try to find these laws for price control but haven't really had any luck. I'm new to studying economics and would appreciate some light on this subject.