Question

Why do economists consider price controls, including price floors (e.g., for agricultural products) and price ceilings (e.g., rent control) a bad idea?

Answer 1

Economists consider price controls, the price ceiling and price floors are a bad idea because they prevent the market to get the equilibrium, this artificial price setting decrease the amount of the goods traded in the market and create a dead weight loss in the market.

In a price ceiling the price is below the equilibrium that decrease the supply and cause a dead weight loss and price floor set above the equilibrium that decrease the demand and cause a dead weight loss in the market.