A study on the Price Control and Anti Profiteering Act 2011 in controlling the price of goods

A study on the Price Control and Anti Profiteering Act 2011 in controlling the price of goods

Attempts to control and fix prices for goods and services by using the law had commenced since the ancient time four thousand years ago but more often than not the attempts failed to achieve their objective. Price control legislations have also been used by governments in restraining inflation and o...

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Main Author: Rosnelim, Yusoff
Format: Thesis
Language:eng
eng
Published: 2013
Subjects:
KPG1-6999 Malaysia
Online Access:https://etd.uum.edu.my/4448/1/s802293.pdf
https://etd.uum.edu.my/4448/2/s802293_abstract.pdf
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id my-uum-etd.4448
record_format uketd_dc
institution Universiti Utara Malaysia
collection UUM ETD
language eng
eng
advisor Ahmad Shariff, Nurretina
topic KPG1-6999 Malaysia
spellingShingle KPG1-6999 Malaysia
Rosnelim, Yusoff
A study on the Price Control and Anti Profiteering Act 2011 in controlling the price of goods
description Attempts to control and fix prices for goods and services by using the law had commenced since the ancient time four thousand years ago but more often than not the attempts failed to achieve their objective. Price control legislations have also been used by governments in restraining inflation and overcoming shortages of goods. However instead of curbing inflation, price controls add other complications to the inflation problem such as black markets and more shortages of the goods controlled that reflect the waste and misallocation of resources caused by the price controls themselves. This study therefore explains why our government uses the price control law to control prices of goods even though history has shown that price controls add to the problem of shortages rather than eliminate it. In addition to that this study also explains why the government abolished the Price Control Act 1946 and introduced the Price Control and Anti Profiteering Act 2011. This research is essentially a library based doctrinal research whereby the materials used are obtained from libraries, archives and other databases. These materials are used to describe events when price control laws were used to control prices of goods and their ensuing consequences. The research finds that one of the aims of price control is to prevent traders and businesses from unscrupulously charging exorbitant prices for their goods and services and thus price control can be seen to act as a safeguard for consumers against opportunistic profiteers. This research concludes that price control measures are necessary but should not be in perpetuity.
format Thesis
qualification_name masters
qualification_level Master's degree
author Rosnelim, Yusoff
author_facet Rosnelim, Yusoff
author_sort Rosnelim, Yusoff
title A study on the Price Control and Anti Profiteering Act 2011 in controlling the price of goods
title_short A study on the Price Control and Anti Profiteering Act 2011 in controlling the price of goods
title_full A study on the Price Control and Anti Profiteering Act 2011 in controlling the price of goods
title_fullStr A study on the Price Control and Anti Profiteering Act 2011 in controlling the price of goods
title_full_unstemmed A study on the Price Control and Anti Profiteering Act 2011 in controlling the price of goods
title_sort study on the price control and anti profiteering act 2011 in controlling the price of goods
granting_institution Universiti Utara Malaysia
granting_department Ghazali Shafie Graduate School of Government
publishDate 2013
url https://etd.uum.edu.my/4448/1/s802293.pdf
https://etd.uum.edu.my/4448/2/s802293_abstract.pdf
_version_ 1776103645203398656
spelling my-uum-etd.44482022-11-01T00:45:57Z A study on the Price Control and Anti Profiteering Act 2011 in controlling the price of goods 2013 Rosnelim, Yusoff Ahmad Shariff, Nurretina Ghazali Shafie Graduate School of Government Ghazali Shafie Graduate School of Government KPG1-6999 Malaysia Attempts to control and fix prices for goods and services by using the law had commenced since the ancient time four thousand years ago but more often than not the attempts failed to achieve their objective. Price control legislations have also been used by governments in restraining inflation and overcoming shortages of goods. However instead of curbing inflation, price controls add other complications to the inflation problem such as black markets and more shortages of the goods controlled that reflect the waste and misallocation of resources caused by the price controls themselves. This study therefore explains why our government uses the price control law to control prices of goods even though history has shown that price controls add to the problem of shortages rather than eliminate it. In addition to that this study also explains why the government abolished the Price Control Act 1946 and introduced the Price Control and Anti Profiteering Act 2011. This research is essentially a library based doctrinal research whereby the materials used are obtained from libraries, archives and other databases. These materials are used to describe events when price control laws were used to control prices of goods and their ensuing consequences. The research finds that one of the aims of price control is to prevent traders and businesses from unscrupulously charging exorbitant prices for their goods and services and thus price control can be seen to act as a safeguard for consumers against opportunistic profiteers. This research concludes that price control measures are necessary but should not be in perpetuity. 2013 Thesis https://etd.uum.edu.my/4448/ https://etd.uum.edu.my/4448/1/s802293.pdf text eng public https://etd.uum.edu.my/4448/2/s802293_abstract.pdf text eng public masters masters Universiti Utara Malaysia AFP. “Malaysian Minister Says Price Controls A Joke,” Asiaone News, March 26, 2008, http://www.asiaone.com/News/AsiaOne%2BNews/Malay sia/Story/A1Story20080324-55911.html (accessed August 30, 2009). Albert Bolles, “The Financial History of the United States,” Appleton & Co., New York, 1896, as cited in Robert L. Schuettinger and Eamonn F. Butler, Forty Centuries of Wage and Price Controls : How Not To Fight Inflation (Washington DC : The Heritage Foundation, 2009). Anwarul Yaqin, (2007). Legal Research and Writing ( Malaysia : Malayan Law Journal Sdn Bhd., 2007. 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