In the early 1970s, inflation was hitting the U.S. economy, and
one of the results was that beef prices began to rise to record
levels. Some of President Richard Nixon's advisers urged him to
place price controls on the sale of beef cattle with the intended
purpose being to hold down the price of cattle. If cattle prices
were kept from rising, the advisers reasoned, then beef prices also
would not rise. (The president did not follow their
recommendations, but...