May 06, 2008

The oil price increase of the 1970s is customarily described as the poster child for the politics of relative price change. The abruptness of the price hike and the immediate impact on the world economy that the higher oil prices brought about make the impact of the relative price changes on the income redistribution easily noticeable to the naked and/or untrained eye. But oil is not the only commodity where special interest groups have steadily tried to curry the favor of the government. The politics of relative price change has a long history in the U.S. and European agricultural sectors.

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