Thomas Sowell writes the following in his book "Basic Economics":
If the prices of hotel rooms remain what they have been in normal times, those who happen to arrive at the hotels first will take all the rooms, and those who arrive later will either have to sleep outdoors, or in damaged homes that may offer little protection from the weather, or else leave the local area and thus leave their homes vulnerable to looters. But, if hotel prices rise sharply, people will have incentives to ration themselves. A couple with children, who might rent one hotel room for themselves and another for their children, when the prices are kept down to their normal level, will have incentives to rent just one room for the whole family when the rents are abnormally high—that is, when there is “price gouging.”
Are there any historical examples of price ceilings (often called "price gouging" laws) that have worked well in retrospective? That is, I'm looking for historical examples of price ceilings where:
- There wasn't a shortage of goods as a result of the law
- A significant black market did not appear as a response to the law
- The law was considered a success in retrospective by unbiased parties
There's plenty of examples of failed price gouging laws (such as Zimbabwe's failed attempt in 2007) but are there any successful ones?