dr. stein evaluates his price control experience. it's something to be avoided like the plague.probably gave us more inflation than we would have had if we hadn't done this. if you put them on in peacetime, they're very difficult to get rid of. if they last for a long time, they're terribly destructive. economists now agree that price controls didn't work back in 1973. why would it have been better to let the market set prices? economic analyst richard gill explains. we have to understand a little about the price system itself. in this connection, economists usually make some assumptions about human behavior-- namely, that people generally tend to act in their own self-interest. consumers might want all the goods they could get, but most of them have limited budgets. they must choose one good over another. in making these choices, they try to maximize their own welfare. the same is true of producers. they try to maximize their firm's profits. it will be in their own self-interest, they will maximize their profits, if they use more efficient productive methods and produce goods t

dr. zeke emanuel, good to have you. sam stein, thank you. dr. lane martin, thank you as well.ealth care." >> we really need to. we need to reinvest. >> oh, my gosh is that my favorite reporter in the whole wide world? the cost of bacon is on a rise. nbc's kerry sanders standing by. >> i don't see any pigs. what? >> those are not pigs. >> much more on "morning joe." >> i'm a city boy, but those don't look like pigs to me. ♪ ♪ ♪ no two people have the same financial goals. pnc works with you to understand yours and help plan for your retirement. visit a branch or call now for your personal retirement review. without standard leather. you are feeling exhilarated with front-wheel drive. you are feeling powerful with a 4-cylinder engine. [ male announcer ] open your eyes... to the 6-cylinder, 8-speed lexus gs. with more standard horsepower than any of its german competitors. this is a wake-up call. ♪ >>> look who we have. your favorite, favorite reporter in the world. >> he is. he's the best. >> mika loves kerry sanders. >> he's the best and the brightest. >> she loves him. >> been