Chapter 6 Reflection

In April, there was a flurry of blog posts from economists on price controls and inflation in Venezuela. Read this article from the Times and this post from Cafe Hayek. How does this relate to the theories from the chapter?

Now consider a different case. After Hurricane Katrina speculators brought in bottled water, but charged quite a lot for it. What might have happened had price controls been imposed? Where does the concept of fairness fit into this category?