Price controls are government policies that limit or fix the prices of goods and services. These measures aim to stabilize prices and protect consumers from inflation. However, price controls can lead to shortages, black markets, and reduced quality. They also discourage production and investment. Governments implement price controls during emergencies or to address perceived market failures. Despite good intentions, price controls often have unintended consequences and can distort market mechanisms. Economists generally agree that price controls are not effective in the long term and can hinder economic growth. Balancing market forces and government intervention is crucial for economic stability.