An excellent review of price controls throughout history.
4000 years of price controls
Some excerpts:
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Greek price controls inevitably led to grain shortages, but ancient entrepreneurs saved thousands from starvation by evading these unjust laws. Despite the imposition of the death penalty for evading Greek price control laws, the laws "were almost impossible to enforce." The shortages created by the price control laws created black market profit opportunities, to the great benefit of the public.
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and
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In 284 A.D. the Roman emperor Diocletian ... "fixed the maximum prices at which beef, grain, eggs, clothing and other articles could be sold, and prescribed the penalty of death for anyone who disposed of his wares at a higher figure." ... "the people brought provisions no more to markets, since they could not get a reasonable price for them and this increased the dearth so much, that at last after many had died by it, the law itself was set aside."
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that's right, price controls resulted in DEATH.
natedogg